Stablecoin Landscape: USDC's Breakthrough Battle, How Many Opponents Are There?

Recently, everyone has been talking about USDC, but pulling the focus back to the crypto world, the stablecoin battlefield has never lacked fierce competitors:

The USDT Overlord: Market cap of 70 billion +, occupying half the market, constantly controversial yet firmly holding the top seat

USD1 Dark Horse Surprise Attack: Rising with a new protocol, reaching a market cap of 1 billion within 3 months, focusing on a decentralized narrative

Veteran Players Do Not Die: USDe maintains its niche market with cross-chain advantages, and although BUSD has been delisted, there is still demand for user migration

USDC seems to be in the spotlight, but in reality, it faces a triple siege: the liquidity pressure from leading USDT, the mechanism innovations of emerging coins, and the repeated tug-of-war of compliance policies. In this stablecoin war, there is no permanent safe zone, only ongoing offense and defense.