Jinse Finance reported that some observers said that FedNow does not seem to pose too much threat to stablecoins, although the two share many common financial characteristics. Ryan Rasmussen, an analyst at Bitwise Asset Management, said news of the Fed’s launch sparked an existential crisis for stablecoin users. But he said the crisis will quickly dissipate once industry players better understand that the product is not a direct stablecoin competitor. It ends up monopolizing only a small portion of the stablecoin market, which is great for banks in the US, but it doesn't really help the unbanked or underserved communities in the US.