Basic Version:
1. Guide global demand for stablecoins through legislation, ultimately transforming it into demand for U.S. Treasury bonds, solidifying the dollar's anchoring position in the restructuring of the new financial system. Perhaps this is the fundamental logic behind why stablecoins "must succeed."
2. Circle currently holds the advantageous position as the largest compliant stablecoin, benefiting from timing (U.S. stablecoin strategy), location (its development best aligns with the industry cycle), and human factors (recognition from regulators, institutions, and enterprises). This not only establishes a deep moat for later entrants but also presents a significant opportunity to further erode USDT's market share.