At the Consensus 2018 conference, Bitmain co-founder Jihan Wu emphasized the importance of competition in the stablecoin market. Drawing on Hayek's economic theories, Wu argued that fiat currencies should foster the development of stablecoins through competitive processes, rather than allowing monopolization. He suggested that a competitive environment would lead to the emergence of the most stable and trustworthy tokens. Wu also noted that the global economy, including virtual economies on the internet, would benefit from multiple stablecoins tailored to different needs, rather than relying on a single dominant currency.