Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."
He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."
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https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-backIt is really the decentralization and market dependent cryptocurrency is the thing that makes bitcoin to be the king in the market. Many people prefer to use it because it offers better way of transactions unlike those currencies that involves third party. As of now nothing can beat bitcoin and I think it will go that way for a very long time.