The current stablecoin market is dominated by the USDT and USDC duopoly. Intuit's entry will significantly shift this balance: USDC (onshore/compliant): It will monopolize the U.S. domestic market for commercial payments, taxes, and payroll. Its velocity will increase dramatically, transforming it from just a token on exchanges to the lifeblood of the real economy. USDT (offshore/grey): Under the crackdown of the 'Genius Act,' it will further retreat to offshore trading, grey-area payments, and emerging markets. Its share in the legitimate U.S. commercial system will approach zero. PYUSD (PayPal): PayPal is Intuit's direct competitor. Intuit choosing Circle's stablecoin over PayPal's PYUSD means PYUSD will face significant resistance in expanding within the B2B sector.