The stablecoin space reminds me of the warlord era in the Republic of China. Feels like USD1 is directly targeting CRCL and USDC. In this bear market's financial track, USD1 has the biggest influence. Didn't it just get a preliminary conditional approval from the OCC? The OCC is the U.S. Office of the Comptroller of the Currency. Getting its approval means receiving a federal-level regulatory endorsement. After approval, what they can do is issue and redeem USD-backed stablecoins (USD1) nationwide for institutional clients. They'll establish reserve assets in a non-trust manner and provide related redemption services for custodial clients. This sets a good precedent for the stablecoin space once again. The competition is getting fiercer, and when the bull market comes, it'll be a show worth watching—stablecoin warlords in a chaotic battle.