$USDC Market Competition Intensifies

Leading Competitors: USDT continues to dominate with a market value of 153.3 billion USD, particularly more penetrating in non-compliant markets (such as the Middle East and Latin America).

New Players Entering: Traditional financial institutions like PayPal and Standard Chartered are accelerating their deployment of compliant stablecoins, which may divert USDC's market share.

Regulatory Uncertainty

The U.S. 'GENIUS Act' requires stablecoin issuers to meet higher liquidity standards, which may increase the compliance costs for USDC.

The EU MiCA Act could require diversification of reserve assets (such as increasing the proportion of euros), which may impact its operational model.

Centralization Controversy

USDC is controlled by a centralized institution, conflicting with the decentralized理念 of cryptocurrencies, leading some community users to prefer decentralized stablecoins like DAI.