Scale is just an entry ticket; compliance and transparency are the deciding factors for the next round. USDT and USDC are sprinting on two different tracks.

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