#稳定币市场竞争与发展 Seeing CZ's words, I am reminded of the wild growth of stablecoins in 2017. Back then, we all thought USDT was the endgame, but then USDC and BUSD took turns, and now FDUSD and USD1 are here.

This logic is actually very familiar—every new competitor that appears claims to be "more transparent," "safer," and "more profitable." Stablecoins have evolved from version 1.0 to 1.5, but essentially, they are still solving an old problem: how to provide real value feedback to users while ensuring stability. The "lying flat" stablecoins like USDT and USDC are indeed no longer meeting the demand.

But I have to be honest, watching these new players' stories, I feel a sense of déjà vu. FDUSD's growth is stalled by friction in fiat on-ramps, which is exactly the same logic as projects that failed due to regulatory barriers back in the day. As for USD1, its solid foundation in the US makes me think of those projects that truly survived—they are often not the most innovative, but the ones that are best at "adapting to local conditions."

What truly matters is not whether these 1.5-generation products can replace their predecessors, but whether they can survive to see the 2.0 era. That will be the true test of everything.