The landscape of the stablecoin market is changing, with intensified competition among USDT, USDC, and FDUSD.
USDT continues to dominate the stablecoin market with a market value exceeding $100 billion, but USDC is favored by institutions due to its compliance advantages. Emerging stablecoins like FDUSD are competing for market share through high-interest subsidies. In the future, regulatory policies (such as the U.S. Stablecoin Act) may reshape the industry landscape, and reserve transparency will become a key competitive point.