#稳定币 The next generation update in the stablecoin sector is worth paying attention to. CZ's insights are very clear: 1.0 era is a one-way arbitrage model (USDTs accumulate wealth through funding rate differentials), starting from the 1.5 phase, attempts were made to let holders benefit (such as USDe's yield mechanism), but these were limited by exchange integration friction. True 2.0 requires three conditions to be met simultaneously—yield, liquidity, and compliance.

The key to this judgment lies in the changing regulatory environment. A year ago, it was still suppressed, but now the US GENIUS Act is advancing, and international regulators are shifting towards neutrality or even friendliness. This means the window for new stablecoin projects has opened.

From on-chain signals, the stablecoin landscape on BNB Chain is adjusting: USDT remains the main wrapped stablecoin, FDUSD growth is limited by fiat on-ramps, and USD1, as a newcomer, has some interesting potential. Network effects will eventually lead users to the most compelling options, but it's too early to draw conclusions now—the market is in a testing phase, with different models being evaluated.

In the short term, whoever can secure opportunities with leading exchanges and ecosystem integrations will quickly accumulate TVL and usage. This is not just a product issue but also a contest of execution and market timing.