On March 10, according to the British "Financial Times" reported that many large banks and financial technology companies around the world are competing to launch their own stablecoins to seize the cross-border payment market share that is expected to be reshaped by cryptocurrencies. Bank of America last month said it was open to issuing its own stablecoin, joining payment service providers that have entered the field including Standard Chartered Bank, PayPal, Revolut and Stripe. Simon Taylor, co-founder of fintech consulting firm 11:FS, compares the phenomenon to FOMO (fear of missing out):"It's about people selling shovels during the stablecoin gold rush. Another factor driving it is there is real trading volume, and the founders want a piece of the action because they know stablecoin regulation is coming, so all these factors come together." Martin Mignot, partner at Index Ventures and Bridge supporter, said stablecoins are "attractive" in markets that lack "good infrastructure or liquidity and have a lot of currency risk," but use cases in Western markets are "less obvious." Analysts warn that the market is unlikely to maintain dozens of stablecoins as users begin to review the quality of issuing companies. Taylor pointed out that stablecoins are not cash, but just substitutes for cash, reflecting the issuing company's credit risk and its ability to manage operational risk: "Essentially, the brand of stablecoins tells you who the issuer is." So, because the issuer is the organization, your credit risk is X or Y. This is not something you do with dollars."