The competition in the stablecoin public chain track is fierce, and execution will be the winner and loser, and Stable is facing extremely fierce market competition. In the current multi-chain landscape, Polygon and Tron have a large retail user base for low-cost remittances in Southeast Asia, South America, the Middle East and Africa, and Solana also occupies a place in the payment field with its high throughput performance advantages.

What's more, Stable also faces emerging vertical L1 competitors who are also committed to stablecoin payments. For example, Arc, developed by Circle, focuses on becoming an institutional-grade on-chain treasury, global settlement, and infrastructure for tokenized assets. In addition, Tempo, supported by Stripe and Paradigm, is also positioned as a payment-oriented public chain and is a strong competitor targeting the same vertical field.

In the field of payments and settlement, network effects will be the core winning factor. Stable's success will depend on its ability to quickly leverage the USDT ecosystem to attract developers and institutional users, and establish a first-mover advantage in the field of large-scale settlement as soon as possible. If the execution and market penetration are insufficient, it may be outperformed by similar L1s with stronger integration capabilities or deeper compliance backgrounds.

According to its roadmap, the most important time node is enterprise integration and developer ecosystem construction from Q4 2025 to Q2 2026. Whether these goals can be successfully achieved will be key to verifying the feasibility of Stable value proposition and verticalization L1. However, from the launch of the mainnet to the implementation of the pilot, only about six months, Stable must quickly overcome multiple challenges such as technology optimization, institutional integration and ecological cultivation. Any mistakes in execution could lead to a further decline in market confidence in its long-term potential.

The launch of Stable's mainnet marks a new stage of infrastructure in the competition in the stablecoin track, and whether it can achieve its goal of reshaping the payment network will ultimately depend on execution rather than narrative.