According to a Forbes article, stablecoin competition is shifting from simply comparing issuance size to focusing on compliance, transparency, and transaction volume. The article notes that Tether-issued USDT remains the stablecoin with the largest supply and continues to hold a liquidity advantage across global trading, retail crypto activity, and remittance use cases; Circle-issued USDC is seeing increased use in large-value settlement, institutional transfers, and regulated financial activities. The article argues that as stablecoins move deeper into payments and capital markets, reserve quality, redemption capabilities, disclosure requirements, and regulatory compliance will become key factors determining stablecoin leadership.