Government-issued cryptocurrencies like CBDC can only compete with stablecoins. It remains to be seen whether there is enough room for both privately issued stablecoins and CBDCs. One thing is certain: the future of stablecoins will likely be a complex balance between user interest, regulatory concerns, issuers' need to generate liquidity, and market competition.

If the cryptocurrency market has taught us anything, it is that cryptocurrencies will not disappear. By their very nature, cryptocurrencies are decentralized, digital, and global assets. Even if some cryptocurrencies are banned or declared illegal, they will find a way to thrive in the shadows.