$USDC USDC, as a leading compliant stablecoin, relies on the strong credit endorsement of Circle and Coinbase, has high reserve transparency (mainly in cash and US Treasury bonds), and continues to expand in DeFi, cross-border payments, and institutional business. Recently, driven by the RWA narrative, its value as a bridge connecting traditional finance and the crypto ecosystem has become prominent. However, attention must be paid to the risks of regulatory tightening on the scrutiny of reserve custodians (e.g., US SEC policies) and short-term liquidity crises triggered by black swan events (refer to the Silicon Valley Bank incident). In the long run, its compliance advantages may help it capture a larger market share of fiat currency entry points.