#稳定币市场发展 USD1 market capitalization surpasses $3 billion, a data point worth noting. The stablecoin track is indeed evolving—from the early USDT monopoly to the current diversified competition landscape. Yili Hua's statement reveals the institutional perspective: stablecoins are not only trading tools but also the infrastructure for mainstream financial adoption of crypto assets.

From an on-chain perspective, the growth rate of USD1 and the backing support (Liquid Capital's heavy holdings in WLFI) indicate that this is not short-term speculation. The competitive logic of stablecoins has shifted from mere liquidity battles to comparisons of ecosystem integration and risk management capabilities. A $3 billion scale remains medium-sized in the stablecoin field, but the growth rate and backing direction are worth monitoring.

It is recommended to pay attention to two signals: first, the trend of active on-chain addresses and daily trading volume of USD1, which determine its practical application base; second, the changes in USD1 holdings of major whale wallets, as institutional actions are often more indicative than public statements. The differentiation within the stablecoin track has become a settled fact, and subsequent competition will focus on compliance, yields, and cross-chain deployment.