Recently, the market has started to re-discuss stablecoins, and I am increasingly paying attention to products like @FIH_USD1 that follow a more institutionalized approach.

The reason is simple: the stablecoin industry has entered its second phase.
The first phase was a race to see who could launch first.
The second phase is a race to see who more closely resembles the true U.S. dollar system.
The structure of USD1, which is now publicly disclosed, is actually very clear.
BitGo custody, short-term U.S. Treasury reserves, support with USD cash and equivalents, dual-chain deployment on Ethereum and BNB Chain.
These elements alone are not novel, but when combined, they send a very clear signal.
The entire industry is shifting from rapid growth to gradually entering a phase of traditional financial compatibility, especially recently when I observe on-chain fund flows, and I feel this particularly strongly.
More and more large funds are beginning to focus on the custody capabilities and compliance frameworks behind stablecoins, rather than just yields.
Because as market size continues to expand, what truly determines where the funds stay is no longer just APY, but the credit structure.
Many people think stablecoins have no more room for imagination, but I believe that the real competition is just beginning.
Because the process of bringing the U.S. dollar onto the chain has, in essence, far from ended. (CoinGecko)
@Galxe @GalxeQuest @easydotfunX @wallchain @TermMaxFi