Here's something everyone doesn't know:

Most of the USDT and USDC on small public chains are fake U's.
Only Tether and Circle's official websites list the real U.
The ones listed on the chain are the genuine U.
But the boundary between real U and fake U isn't clear-cut.
Set up cross-chain bridges that support deposits and withdrawals,
and it's actually no different from real U.
In the early stages of the pyramid scheme ecosystem,
the purchasing power and efficiency of fake U were even higher than real U.
They just can implement "foreign exchange controls"
when "necessary."
Actually, Tether and Circle face high "entry costs"
making deployment expensive for them.
Plus, there are "compliance costs,"
which are even more troublesome.
It's better to issue ERC20 tokens named USDT and USDC
and simultaneously reserve or divert users'
real USDT and USDC
as "foreign exchange reserves."
The effect is essentially the same.
So don't be fooled by Tether and Circle,
who only issue stablecoins worth hundreds of billions,
the actual circulation in the market is even larger.
As long as real U and fake U
maintain a delicate balance.