Looking at the development of the crypto market over the past few years, you will notice an interesting paradox.

We talk all day about decentralization, DAO governance, and on-chain autonomy. But what do we see when we open our wallets? Almost all activities in DeFi revolve around USDT and USDC. What are these two essentially? They are IOUs of traditional dollars moved onto the chain, with credit still coming from centralized institutions in New York. In other words, it’s like running open-source software with an open-source system—looks cool, but the roots are still controlled by someone.

This raises a deeper question: if our everyday transaction value standards still rely on the old system, then is the entire ideal of Web3 just a house of cards?

**The emergence of crypto-native stablecoins changes the game**

Products like USD1 have taken a different path. Their credit isn’t backed by some regulatory endorsement but by transparent, publicly verifiable, over-collateralized crypto assets on-chain (such as BNB, ETH). From minting to redemption to liquidation, everything is governed by immutable code. No one can arbitrarily freeze it, and no policy can ban it.

What does this mean? It means we now have, for the first time, a native value unit born in the crypto world, backed by crypto assets, and designed specifically for the crypto economy. In traditional financial terms, this is the true "fiat currency" of the future crypto nation.

**Imagine the scenarios**

DAOs pay contributors using this stablecoin. Crypto lending contracts and commercial transactions are all priced in it. Even on-chain taxes and public service fees are benchmarked against it. As a result, the entire crypto economy can truly break free from the "gravitational pull" of traditional finance.

Of course, at this stage, such products are still very young. To become truly mainstream, they need more diverse collateral types and broader ecosystem applications to support their credibility. But this direction alone is already impressive enough.

**From wealth management to voting**

So, holding or providing liquidity to this stablecoin has gone beyond simple wealth management. You are actually voting with your actions—supporting a financial future governed by code and community. Every liquidity contribution you make is helping to build this new structure.

This vision is indeed more exciting than any annualized return figure.