On the surface, USDC will have many competitors in the future, but in reality, very few will simultaneously meet the criteria of "compliance + open ecosystem + institutional settlement." Compliance is the easiest to achieve; anyone can do it once legislation is passed. An open ecosystem is the most difficult. For example, PYUSD is designed for its own use; it can freeze accounts, which differs from USDC. Interestingly, if the goal is to create an open ecosystem, why not just use USDC directly? Regarding institutional settlement, USDC is already very stable, leaving little room for newcomers.