$USDC Market Competition Intensifies

Leading Competitors: USDT still dominates with a market value of $153.3 billion, especially in non-compliant markets (such as the Middle East and Latin America) where its penetration is stronger.

New Players Entering: Traditional financial institutions like PayPal and Standard Chartered are accelerating their布局 in 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 USDC's compliance costs.

If the EU's MiCA legislation requires diversification of reserve assets (such as increasing the proportion of euros), it may affect its operating model.

Centralization Controversy

USDC is controlled by a centralized institution, which conflicts with the decentralized philosophy of cryptocurrencies. Some community users prefer decentralized stablecoins like DAI.