I understand that: 1. BlackRock does not issue stablecoins on its own because its advantage is not significant. BlackRock is an asset management institution, and their advantage lies in issuing various asset management products rather than engaging in specific payment and financial businesses. Their channel capabilities are actually not as good as those of large commercial banks, and they do not have payment and transfer scenarios, so they can only choose to cooperate with existing stablecoins. Currently, USDC is the largest compliant stablecoin natural choice. 2. So the first mover advantage of USDC is reflected, as USDC started early and is fully compliant, and currently BlackRock has no other good options. 3. Other commercial banks are different, such as Bank of America, Citigroup, and Wells Fargo, which have strong channel capabilities and natural application scenarios for payments, transfers, and remittances. At present, the legal and regulatory framework is not yet complete. Once the legal supervision is clear, it is estimated that many large commercial banks will target this area, and the competition in the compliant stablecoin market will be very fierce in the future. The compliant stablecoins issued by these traditional financial institutions should be more widely circulated, and they will also seek new cooperation channels to expand. Of course, trust between traditional financial institutions is also a problem. It is estimated that in the future, large commercial banks or payment institutions will issue their own trust, and institutions with low trust costs will work together. 4. The current advantage of USDC lies in its first mover advantage, with Coinbase being a shareholder and then being deeply bound. However, it still has to bear the cost of Coinbase's payment channel. According to the listing documents, the cost of USDC entering Binance Pay is actually not small, it should be a cost of 60 million US dollars (will other compliant stablecoins also expand in the future), so the profit of USDC is very thin now. It is trying its best to expand now, probably to accumulate a leading advantage as soon as possible after the stablecoin bill is passed, otherwise it is easy to be surpassed later. 5. USDT is currently considered semi transparent (with settlements with CFC T and New York State, as well as third-party audits, with over 80% of its reserves being US bonds), but it has firmly occupied the user base in non US regions. Moreover, it has a significant advantage in the gray black industry, and other compliant stablecoins may not want or dare to expand into the gray black industry in the future, which gives USDT some room for growth. But in the long run, the size of USDT may be surpassed by other stablecoins. Of course, the overall message is that the compliant stablecoin market will face fierce competition in the future. USDC currently has a clear first mover advantage, but it will face significant challenges in the future. USDT's future volume will be surpassed, but it will also have its own one and a half acres of land. So, what about the stablecoin wave before? Https://(x.com)/qinbank/status/1905254289809060024? S=46&t=k6rimWs Ebo2D2TXolYcM-A just started