On the surface, USDC will have many competitors in the future, but in reality, there will likely be very few that can simultaneously meet the requirements of 'compliance + open ecosystem + institutional settlement.' Compliance is the easiest part—once legislation passes, anyone can do it. The open ecosystem is the hardest. Take PYUSD, for example. What they’re doing is just for their own use; they can freeze your funds and so on, which is different from USDC. Interestingly, if you’re going to create an open ecosystem anyway, why not just use USDC directly? As for institutional settlement, USDC is already very solid in this area, leaving little room for latecomers.