There is a well-known saying in the crypto world—surviving is always more important than making money. And to survive, the first step is to see through what appears to be a perfect story and understand what pitfalls are hidden behind it.

USD1 is currently very popular, but I have to tell the truth.

First, let's talk about regulatory risks. Yes, it is compliant now. But policies are changeable. If one day the US suddenly enacts stricter laws, or the issuer World Liberty Financial is exposed to have reserve issues— or even just rumors— the credibility of USD1 could collapse overnight. Everyone remembers how USDT and USDC went through trust crises. De-pegging is not impossible, just a matter of time.

Then, there's the inherent flaw of centralization. The fate of USD1 is entirely controlled by a centralized team. Hacks, internal problems, government sanctions— any of these could be fatal. Your USD1 could be frozen directly, or even become worthless. This is fundamentally different from decentralized Bitcoin, but many people choose to forget that selectively.

Don't forget the invisible killer—liquidity. As a new type of stablecoin, its depth in some small exchanges or DeFi liquidity pools is simply not enough. When the market truly crashes, do you think you can quickly cash out a large amount of USD1 for 1 USD? Sorry, you might not be able to sell it, or you might have to sell at a discount.

LISTA's trouble is a bit different—it faces growing pains. Collaborations with traditional institutions, obtaining various regulatory licenses... these are all long processes. Any delay in one link can impact market expectations.