From a long-term perspective, stablecoins have proven to be the lifeblood of crypto market liquidity, and their influence will only deepen as the ecosystem matures. Tether’s dominance is a testament to first-mover advantage and network effects, but as regulatory clarity evolves, newer entrants like RLUSD and PYUSD could carve out meaningful niches, especially in regulated DeFi and enterprise-grade payments. Over time, I expect a gradual redistribution of market share rather than a sudden disruption. Personally, I’m focused on stablecoins with transparent reserves, strong regulatory positioning, and interoperability across chains — those will be the ones driving sustainable liquidity in the next cycle.