Once the news of Tether's acquisition of Juventus broke, it truly caught people's attention. In the end, the stablecoin sector is one of the few money-printing businesses in the crypto world—high barriers to entry, and once scaled, it provides a continuous cash flow.

Thinking back to those glorious days. A major exchange at that time was incredibly confident, using tough measures to convert all incoming funds of a certain mainstream stablecoin into their own stablecoin—such an attitude was simply commanding. Who could have imagined that the market landscape would change to its current state?

Stablecoins seem simple, but truly large-scale players are few. It all depends on liquidity, ecosystem support, and user stickiness—all must be in place. Tether's move is quite interesting—cross-industry acquisition of sports assets to expand brand influence, indicating that competition among stablecoins has shifted from on-chain ecosystems to off-chain.

With limited market share, someone has to exit. Those once-glamorous stablecoins are now either become dispensable or have completely disappeared. In this reshuffle, only those with both technological moat and ecosystem support can survive.