大户笔记
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Bullish
Will USDT collapse?? Can it be exchanged for USDC??
Many people only look at the names and assume that USDT and USDC are both stablecoins pegged to the US dollar, with similar properties and risks.
However, upon deeper understanding, one will find that they are fundamentally different: one arose from spontaneous market demand during chaos, while the other comes from intentional design within a regulatory framework.
One comes from the streets, the other comes from the system.
USDT (Tether) has never marketed itself based on compliance; its core logic is "as long as it works, that’s good enough." Its mission is to provide on-chain dollars to those in any corner of the world without bank accounts.
- Low reserve transparency, many historical controversies
- Frequently named by regulators
- Yet it always occupies the largest trading volume and circulation
This seems contradictory but is actually reasonable. In regions where the financial system is inadequate or excluded—such as the gray trades in the Middle East, countries with severe inflation in South America, and small cross-border traders in Southeast Asia—perfect assets are not required, only dollars that are readily available. USDT perfectly fills this gap.
The more chaotic a country’s finances and the more closed it is to formal dollar channels, the greater the demand for USDT. It does not provide a sense of security but rather survival capability. USDT is a self-rescue product of the market’s demand for dollars.
USDC (USD Coin issued by Circle) has aimed at a completely different clientele since its inception: financial institutions, compliant enterprises, and regulated markets.
- Reserves disclosed regularly, custody is transparent
- Deeply influenced by the US regulatory framework
- Structure will change with policy adjustments
USDC is an extension of the US regulatory system on the blockchain. It does not bring the highest liquidity but rather "legitimacy." When banks, payment companies, and publicly listed companies need on-chain dollars for reconciliation, auditing, and compliance operations, USDC is the only option they dare to choose.
However, compliance also means controllable: assets may be frozen, addresses may be blacklisted, and cross-border usage may be restricted. USDC is not a tool for de-dollarization but a tool for the digitization of dollar governance.
USDT: Dominates in disordered, excluded areas
USDC: Expands in orderly, institution-dense areas
The world simultaneously has both "orderly" and "disordered" aspects, so neither will replace the other in the short term. This is the true meaning of stablecoins.
$btc $bnb
Many people only look at the names and assume that USDT and USDC are both stablecoins pegged to the US dollar, with similar properties and risks.
However, upon deeper understanding, one will find that they are fundamentally different: one arose from spontaneous market demand during chaos, while the other comes from intentional design within a regulatory framework.
One comes from the streets, the other comes from the system.
USDT (Tether) has never marketed itself based on compliance; its core logic is "as long as it works, that’s good enough." Its mission is to provide on-chain dollars to those in any corner of the world without bank accounts.
- Low reserve transparency, many historical controversies
- Frequently named by regulators
- Yet it always occupies the largest trading volume and circulation
This seems contradictory but is actually reasonable. In regions where the financial system is inadequate or excluded—such as the gray trades in the Middle East, countries with severe inflation in South America, and small cross-border traders in Southeast Asia—perfect assets are not required, only dollars that are readily available. USDT perfectly fills this gap.
The more chaotic a country’s finances and the more closed it is to formal dollar channels, the greater the demand for USDT. It does not provide a sense of security but rather survival capability. USDT is a self-rescue product of the market’s demand for dollars.
USDC (USD Coin issued by Circle) has aimed at a completely different clientele since its inception: financial institutions, compliant enterprises, and regulated markets.
- Reserves disclosed regularly, custody is transparent
- Deeply influenced by the US regulatory framework
- Structure will change with policy adjustments
USDC is an extension of the US regulatory system on the blockchain. It does not bring the highest liquidity but rather "legitimacy." When banks, payment companies, and publicly listed companies need on-chain dollars for reconciliation, auditing, and compliance operations, USDC is the only option they dare to choose.
However, compliance also means controllable: assets may be frozen, addresses may be blacklisted, and cross-border usage may be restricted. USDC is not a tool for de-dollarization but a tool for the digitization of dollar governance.
USDT: Dominates in disordered, excluded areas
USDC: Expands in orderly, institution-dense areas
The world simultaneously has both "orderly" and "disordered" aspects, so neither will replace the other in the short term. This is the true meaning of stablecoins.
$btc $bnb
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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