$USDC

Currently in a somewhat awkward but highly representative stage: it is one of the most compliant and transparent stablecoins, yet it is gradually being marginalized in a market that is becoming increasingly impatient with 'compliance'.

Since the end of 2024, the sentiment in the crypto market has warmed up, and a large amount of capital has returned to high-risk assets and non-compliant sectors. $USDT has once again become the main trading medium due to its liquidity and privacy, while $USDC has seen a decline in exchange activity and DeFi usage frequency. Although Circle has successfully promoted the compliant status of USDC in the United States and the European Union, compliance does not bring traffic but rather restrictions—KYC thresholds and review mechanisms have caused it to lose favor with native crypto users.

On the other hand, USDC's strategy is shifting from 'DeFi currency' to 'Web2.5 infrastructure': it is being integrated by traditional payment systems such as Visa and Stripe, gradually filling the gaps in the SWIFT system for cross-border settlements and off-chain payments, which is also a key bargaining chip for it to not 'exit the stage'.