The stablecoin space The undisputed leader is definitely USDT. It grew wildly, without regulatory compliance, going from $0 to $200 billion. If there were a chance to buy a compliant version of Tether with a $20 billion market cap, I definitely wouldn’t miss it. But there’s no ‘if.’ So when it comes to $CRCL, it’s hard not to be tempted. Whether the win rate is 25% or 90%, I need to clarify— a lot of people might misunderstand this. If we calculate using conventional methods, we can only base it on market share, which is around 24%. It fluctuates between 10-25% (from last year to this year). But if we consider compliant stablecoins, $CRCL’s $USDC accounts for nearly 90%. If you believe $USDT will eventually get taken down, penalized, or restricted, then $CRCL, as the leader in compliant stablecoins, has a win rate of 90%+. We can’t ignore the scenario where $USDT still exists. In other words, based on objective facts, $CRCL’s current win rate is roughly 25%. But my personal judgment and heavy bet are based on market share in the compliant space. I personally believe it’s 90%+. It’s important to distinguish between objective facts and my subjective judgment.