Jihan Wu, co-founder of Bitmain, emphasized the importance of competition in the stablecoin market during the Consensus 2018 conference. Drawing on Hayek's ideas, Wu argued that fiat currencies should compete to bring the most stable tokens to market, rather than allowing monopolies. He believes that the most stable, reliable, and trustworthy currencies will emerge victorious through competition. Wu also noted that the global demand for stablecoins will not be limited to a single type, as different economies and virtual economies on the internet will create and use their own stablecoins, functioning as fiat currencies created by virtual communities.