At the end of July 2025, the cryptocurrency market witnessed a silent migration of funds. On-chain analyst Yu Jin disclosed data showing that the USD1 holdings on the Gate exchange surged by nearly $200 million within a few days, surpassing many competitors and rising to the second position globally in USD1 holdings, only behind Binance. This sudden change in rankings pointed directly to the ongoing Ika Launchpad subscription activity at Gate—this project allowed investors to participate in subscriptions using the USD1 stablecoin for the first time. While the market focused on token price fluctuations, a profound transformation regarding the control of exchange liquidity and the strategic value of stablecoins was unfolding.
Within 72 hours of the Ika Launchpad's launch, blockchain explorers recorded unusual fund flows. USD1 worth $170 million flowed into Gate's hot wallet via the BSC chain, while $20 million was transferred through the Ethereum network. These figures perfectly mirrored the final subscription total of 196 million USD1 for the Launchpad, revealing the precise path of fund movement.
Even more intriguing is the distribution pattern of stablecoins: currently, over 90% of USD1 is concentrated on the BSC chain, with less than 10% remaining on the Ethereum network. This distribution not only reflects the cost differences of using public chains (with BSC's low gas fee advantage being significant) but also exposes the underlying logic of stablecoin circulation—funds always flow to the most efficient channels. The fact that Gate has become the largest holder of USD1 on the Ethereum chain starkly contrasts with Ethereum's marginalization trend in the daily circulation of stablecoins.
The core of this gathering lies in Gate's clever design of the Launchpad mechanism. While most exchanges use platform tokens as the sole subscription credential, Gate boldly implemented a "USD1 + GT" dual-track system. This decision instantly ignited market enthusiasm, with over 196 million USD1 flooding into the subscription pool, while the platform token GT only raised 5.13 million (approximately $9.41 million). Behind these numbers is a clear signal: in an uncertain market, investors are voting with real stablecoins, choosing to avoid volatility risks.
From the analysis of investor behavior, the subscription ratio of USD1 to GT (196 million: 5.13 million) constitutes a stark contrast. This disparity reveals the current market's risk-averse instinct: when Bitcoin fluctuates sharply between $58,000 and $63,000, investors are more inclined to lock in Launchpad profits with stablecoins, avoiding the volatility risks of GT tokens. This choice is essentially an extension of hedging strategies, combining the high-risk, high-reward nature of new token subscriptions with the value-preserving characteristics of stablecoins.
This event marks a fundamental shift in exchanges' understanding of stablecoins. In the traditional model, stablecoins were merely a pricing unit for trading pairs or temporary hedging tools. However, when Gate absorbed nearly $200 million in USD1 through the Launchpad mechanism, stablecoins have upgraded to become a core strategic asset for exchanges.
The Battle for Liquidity Control
These accumulated USD1 essentially constitute a "zero-cost fund pool." During the lock-up period before the Ika project goes live, Gate can freely allocate these stablecoins: providing depth for spot trading pairs, supporting collateral for lending services, or even engaging in short-term arbitrage. This model allows the exchange to effectively obtain interest-free loans, significantly enhancing its capital operation capabilities. Data shows that during the peak subscription period, the bid-ask spread for Gate's BTC/USD1 trading pair narrowed to 0.1%, with liquidity reaching a three-month peak.
In the exchange landscape, the role of stablecoins is undergoing a silent revolution. Once merely a pricing unit for trading pairs or temporary hedging tools, they now play a central role in the liquidity strategy of exchanges. When users deposit USD1 into Gate to subscribe to Ika, these funds essentially become the exchange's "interest-free loans"—before the project goes live, Gate can freely allocate this massive stablecoin to enhance liquidity or even use it for other financial services. This model is reshaping the competitive logic of exchanges: whoever holds more stablecoins possesses stronger capital operation capabilities.
Reshaping the Cross-Exchange Competitive Landscape
Gate's USD1 holdings surpassed competitors like Coinbase and OKX, rising to second place, directly rewriting the exchange hierarchy. This change in ranking is not coincidental but reflects the emergence of a new competitive dimension: the scale of stablecoin fund pools is becoming a key indicator of exchange strength. As Binance builds a $65 billion stablecoin ecosystem with BUSD/USDC, second-tier exchanges must innovate their mechanisms to capture the remaining market share. Gate's "stablecoin access" Launchpad model may trigger a wave of industry imitation.
The Ika Launchpad event is far more than a successful marketing campaign; it reveals the deep evolution of the cryptocurrency market infrastructure. When Gate rises to the second position in USD1 holdings through innovative mechanisms, it effectively validates the new paradigm that "stablecoin liquidity equals competitiveness." This model is changing the competitive dimensions of exchanges—from a race for trading volume to a contest over the scale of fund pools.
The undercurrents of stablecoins are still surging. According to blockchain analysis firm Glassnode, the total amount of stablecoins held by exchanges is expected to exceed $200 billion by 2026. In this battlefield without gunpowder, the direction of fund flows is quietly reshaping the power dynamics. As the sword of Damocles of regulation slowly descends, the true winners may be those visionaries who transform stablecoins from speculative tools into financial infrastructure. Gate's breakthrough is merely the first horn of this protracted battle.
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