[Jeremy Allaire Responds to OUSD Competition: USDC's Moat Comes from Network Effects and Liquidity Advantages] Circle CEO Jeremy Allaire stated that the stablecoin market is essentially a platform-driven business powered by strong network effects, often exhibiting a 'winner-takes-all' dynamic. Its core moat primarily stems from three aspects: the network effects formed by application and developer ecosystems, global liquidity depth, and deep integration with regulatory frameworks across various countries. According to Allaire, USDC has established a network with thousands of service providers and has become one of the three most liquid digital assets globally. In Q1 2026, USDC's on-chain transaction volume approached $30 trillion, accounting for approximately 80% of dollar stablecoin transaction volume, while USDT accounted for the remaining 20%, with all other stablecoins combined making up less than 0.5%.