I stared at #USD1 for three months and discovered an interesting phenomenon.

Unknowingly, USD1 has quietly climbed to the fourth position of stablecoins, with a market cap of 4.8 billion US dollars. As shown in the image below 👇, it ranks after USDT, USDC, and USDS, surpassing DAI.

But that’s not the main point.

The main point is its growth curve, which is particularly regular; every time it is listed on an exchange, the market cap rises a level. Recently listed on Bybit, and it surged again.

This made me realize something:

The technical barrier of stablecoins is no longer a barrier. What USDT can do, USDC can do, anyone can do. What the real moat is? It’s the distribution channels.

Exchanges are the lifeline of stablecoins.

Let’s look at why USDT can always dominate the rankings? Because it is used as a base trading pair on almost all exchanges worldwide. If you want to trade, you’ve got to use it. That’s the distribution power.

USD1 is currently following this path:

• Negotiating with one exchange after another

• Each time a new one is added, there’s one more liquidity entry

• With each new entry, users gain one more usage scenario

• The more scenarios, the higher the market cap naturally becomes

No overwhelming marketing, no daily promotions, just steadily paving the channels.

This strategy is actually very clever. Stablecoins are not memes; they don’t need hype and speculation. What they need is for users to be able to use them effortlessly when needed.

I will continue to observe USD1's progress. If it can secure a few more top exchanges, especially those in Asia, a market cap exceeding 10 billion may just be a matter of time.

The war of stablecoins has never been a technical contest; it’s a battle for channels. 🧐

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