On the surface, USDC will face many competitors in the future, but in reality, very few can simultaneously meet the requirements of "compliance + open ecosystem + institutional settlement."
Compliance is the easiest to achieve; passing legislation makes it accessible to everyone.
An open ecosystem is the most difficult, for example PYUSD, which is designed for internal use and can freeze users, differing from USDC; interestingly, if the goal is also to create an open ecosystem, why not just use USDC?
As for institutional settlement, USDC is already very stable in this area, leaving little room for new entrants.
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On the surface, USDC will face many competitors in the future, but in reality, very few can simultaneously meet the requirements of "compliance + open ecosystem + institutional settlement."
Compliance is the easiest to achieve; passing legislation makes it accessible to everyone.
An open ecosystem is the most difficult, for example PYUSD, which is designed for internal use and can freeze users, differing from USDC; interestingly, if the goal is also to create an open ecosystem, why not just use USDC?
As for institutional settlement, USDC is already very stable in this area, leaving little room for new entrants.