#稳定币市场与发展 The layered effects in the stablecoin sector are beginning to emerge. CZ's statement is quite interesting——the current mainstream USDT and USDC are essentially 1.0 products, with single functions and zero yields, which determines that their ceiling is at the payment and settlement layer.

The core difference of 1.5-generation stablecoins lies in their yield mechanisms and the expansion of application scenarios. The growth bottleneck of FDUSD mainly stems from the friction costs of fiat on and off ramps, which is a hard constraint on the supply side; USD1 has more complete infrastructure in the US market, and its potential lies in the depth of ecosystem integration rather than just liquidity.

From on-chain data, what truly warrants tracking is the fund flow of these products—who holds large amounts, in which DeFi protocols they are deposited, and how their swap volumes compare to traditional stablecoins. The market space is large enough, but the competitive landscape is far from settled; the key is who can effectively implement yield models and risk control. Currently, we are still in the trial-and-error stage, so there's no need to rush to conclusions.