Who is USDT competitor?

USDT faces competition from various stablecoins such as USDC, issued by Circle and Coinbase, which offers more transparency and is regulated; DAI, a decentralized stablecoin from MakerDAO; and other options like TUSD and PAX which provide high reliability and transparency. Additionally, emerging central bank digital currencies (CBDCs) and algorithmic stablecoins pose potential threats to USDT's market position.