According to CoinMeta, Wu said that according to the analysis of pymnts, the competition in the stablecoin market is shifting from issuance scale to distribution capability. Bank relationships, payment networks, wallets, merchant entry points, and enterprise software are becoming new core competitive factors. As companies such as Visa, Stripe, and Samsung increase their presence in the stablecoin space, issuers will not only need to expand the circulation volume but also compete for channels that can truly reach users and drive transactions. New models like Open USD attempt to motivate distribution partners by sharing reserve earnings, indicating that the competition in stablecoins is gradually shifting from "who issues the tokens" to "who controls the usage entry points."