#GENIUS稳定币法案 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 it has greater penetration.

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 the compliance costs for USDC.

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

Centralization Controversy

USDC is controlled by a centralized entity, which conflicts with the decentralized ethos of cryptocurrencies, leading some community users to prefer decentralized stablecoins like DAI.