According to CoinMeta, the competition in stablecoin issuance is becoming increasingly fierce. Open USD has jointly launched a stablecoin with 140 partners, including Visa, Mastercard, and Blackstone. The standard Chartered has begun to issue a Hong Kong dollar stablecoin, while World Liberty Financial has obtained a banking license to issue its own stablecoin. The competition has shifted from who can mint tokens to who can control the infrastructure that manages their circulation.