This cycle has a very obvious change.

More and more funds are no longer chasing high volatility but are pursuing on-chain certainty.
So stablecoins are beginning to once again become the core of the entire industry.
Recently observing @FIH_USD1, you'll find its trajectory very typical.
Emphasizing US dollar reserves.
Emphasizing institutional-grade custody.
Emphasizing on-chain payments and global liquidity.
Essentially, it’s more like competing for node positions in the future digital dollar network. (CoinGecko)
Many people underestimate the importance of this because the truly frightening aspect of stablecoins is not price stability.
But that they are slowly replacing some of the dollar circulation functions in traditional finance.
In the past, cross-border transfers required banks; now on-chain stablecoins can complete them in minutes.
In the past, global liquidity was limited by regions; now stablecoins can settle around the clock.
Especially as more DeFi, payment, and RWA scenarios begin to rely on stablecoins, whoever can gain long-term user trust may hold the future financial gateway.
And recently, USD1 has been continuously expanding multi-chain ecosystems, which also shows that the entire industry is no longer satisfied with single-chain circulation.
Stablecoins may seem very boring on the surface.
But in many cases, the real competition among major nations’ finance is precisely hidden in these most boring places.
@Galxe @GalxeQuest @wallchain @TermMaxFi