To challenge the market dominance of USDC and USDT, these teams will seek to differentiate their products. by (1) using alternative forms of collateral to back a stablecoin (e.g., by way of currencies, commodities, government debt, etc.); (2) offering additional incentives to users (e.g., passing on yield generated by collateral); and (3) introducing novel compliance frameworks (e.g., “blacklisting,” or preventing wallets with certain user characteristics from holding a particular crypto-asset).