If @FIH_USD1 is viewed within the entire stablecoin ecosystem hierarchy, it is not an example of radical innovation but a typical composable stable asset.

Its positioning is closer to a three-layer stacked structure: the first layer is a dollar-pegged asset, ensuring basic trust; the second layer is on-chain circulation and cross-application compatibility; the third layer is the internal settlement and incentive medium within the ecosystem.
What I personally care more about is the third layer because that determines whether it is just a "tradeable asset" or a "system internal currency."
Many stablecoins in the past had issues because they solved price stability but did not address usage motivation.
And if $FIH_USD1 only stays at the peg layer, it will be quickly homogenized and absorbed.
But if it can form a real settlement loop within the ecosystem, such as payments, revenue sharing, or protocol fee circulation, then its significance will be amplified many times over.
The true moat of stablecoins has never been reserves but the usage network.
@Galxe @GalxeQuest @wallchain @TermMaxFi