As Tether (USDT) continues to dominate the market and Circle promotes the global compliance of USDC, a new stablecoin called USD1 has rapidly emerged, expanding quickly across multiple blockchain networks and trading scenarios. Meanwhile, the attitude of the U.S. political landscape towards crypto dollars has also subtly changed, with former President Trump explicitly supporting a "U.S.-led stablecoin system," shifting the "stablecoin war" from a purely technical and capital competition to the forefront of national strategy and geopolitical financial struggles.
Stablecoins are no longer just "fiat shadows" on the chain; they are gradually evolving into a core pillar of global digital payments and financial governance. Is the rise of USD1 a coincidence? Or is it inevitable?
I. The Three-Way Standoff of Stablecoins: USD1's Late Arrival Sparks Industry Shock
For a long time, the stablecoin market has been dominated by the two giants, USDT and USDC. Among them, USDT firmly holds the top position with its massive trading volume and high liquidity, while USDC stands strong in the North American market thanks to its compliance background and institutional client support.
The emergence of USD1 has quickly disrupted this stable structure. According to on-chain data, as of the end of May 2025, the circulation of USD1 has surpassed $12 billion, rising to the third position in the stablecoin market within just six months, with the number of daily active addresses exceeding that of USDC, particularly performing impressively in the Latin American, Southeast Asian, and African markets.
II. New Cross-Chain Payment Landscape: USD1's Technical Path and Ecological Expansion
USD1's most groundbreaking strategy is its adoption of a cross-chain native design from the very beginning, rather than relying on bridging or wrapped assets. This stablecoin utilizes a lightweight relay protocol called OmniBridge to achieve native asset synchronization across multiple chains without the need for centralized bridge protocols, significantly reducing the risk of hacking attacks.
Additionally, USD1 has formed strategic partnerships with several decentralized exchanges (DEXs), wallet applications, and payment service providers, establishing a cross-chain stablecoin ecosystem. In its promoted "USD1 Pay" solution, users can complete stablecoin payments from the ETH chain to the Solana chain with a single click through a browser wallet, without needing to understand the underlying chain structure.
The closed loop of decentralized trading + cross-chain transfers + local fiat currency redemption is becoming the new standard that USD1 aims to dominate.
III. Circle's Dual-Line Strategy vs. USD1's Open Model
As the issuer of USDC, Circle has adopted a "dual-line strategy" in recent years: on one hand, it intensifies cooperation with governments to obtain compliance operation licenses (such as in Hong Kong, the UAE, and France); on the other hand, it expands application scenarios such as on-chain savings, account payments, and enterprise on-chain clearing.
However, this steady layout also means that its pace of innovation is relatively slow. In contrast, the development community behind USD1 has a more Web3-native gene, emphasizing openness and geek culture. Its governance token has been launched on multiple DEXs, and it attracts developers to contribute code and liquidity through DAO governance.
Circle emphasizes that "compliance is the moat," while USD1 bets on "openness equals growth." The two will face off in the second half of 2025.
IV. Trump's "Entry": Stablecoins are Becoming a New Weapon in the U.S. Fintech Game
In March 2025, former President Donald Trump publicly supported the issuance of a dollar stablecoin "led by private enterprises but operating under U.S. regulatory frameworks," calling it "the dollar outpost of the digital age."
Sources indicate that Trump's private fund is investing in a blockchain payment company that has a deep partnership with USD1, sparking widespread market attention on the "nationalization of dollar stablecoins."
Recently, the U.S. Treasury also released a draft of the "2025 Digital Asset Stablecoin Oversight Guidelines," which for the first time includes non-bank stablecoins in regulatory proposal discussions, indicating that the policy level's understanding of emerging stablecoins like USD1 has entered the formal agenda.
Political statements + policy expectations + capital layout, stablecoins will become one of the main battlefields of the U.S. digital currency strategy.
V. Conclusion: As the Stablecoin War Enters the Second Half, Can USD1 Stand Out?
The current stablecoin market is no longer a simple competition of "who is more compliant" or "who has stronger liquidity," but rather a multidimensional competition encompassing technology, market, compliance, financial infrastructure, and even geopolitical factors.
USD1's breakthrough demonstrates how latecomer projects can leverage technological innovation and market sensitivity to penetrate the gaps between giants. Moving forward, whether it can maintain its growth momentum and remain neutral and expansive amid the global compliance trend will be key to determining its future.
In the coming year, stablecoins will not only determine the direction of the reconstruction of the on-chain financial ecosystem but will also become the focus of national digital currency strategies and global clearing network games.
The stablecoin war has entered the second half, and the real victory or defeat may just be beginning.
Related: Driven by business-to-business (B2B) transfers, stablecoin payment volume reaches $94 billion
Original article: “Is the ‘Third Pole’ of Stablecoins Emerging? USD1 Disrupts the Crypto Payment Landscape, Challenging USDT and USDC”
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