As the global stablecoin ecosystem enters a new round of consolidation, the focus of the market has shifted from "stability" to "usability." Based on the traditional stablecoin layout around custody compliance and liquidity, emerging projects are beginning to turn towards more attractive user incentive mechanisms. Recently, the stablecoin USD1 issued by World Liberty Financial (WLFI) and the centralized platform Gate launched a points program, which is a typical case of this trend.

This is not the first time stablecoins have attempted consumer-side incentives, but in the current context of gradually clearer regulations and intensified competition among trading platforms, how to introduce stablecoins as "everyday assets" into user behavior scenarios has become the key to breaking through in the market. From the available information, Gate is the first trading platform to complete the integration of USD1 transactions and launch a user points program, followed by platforms like Kucoin announcing their participation in the collaboration. Behind this chain reaction is a new round of competition among trading platforms for initiative in the stablecoin ecosystem.

Traditional stablecoin promotion has mostly focused on on-chain circulation efficiency and institutional cooperation paths, while the launch of the USD1 points program reflects a deeper "ecological usage scenario." Users can earn points through various actions—including using USD1 for spot trading, stablecoin exchanges, asset holdings, participating in Launchpad or wealth management projects—according to the rules. More specifically, users placing limit orders will receive bonus points, a design clearly aimed at guiding the structural optimization of trading behavior.

Although the specific details of point redemption have not yet been disclosed, there are already market voices considering it a "potential large-scale user incentive event." Current expectations mainly stem from Gate's official description of the uses of points, including airdrops and rights exchanges. In the context of global CEXs continuously testing the model of "points as rights," this collaboration may also become an industry benchmark for validating the feasibility of the points system.

Despite several platforms recently establishing connections with USD1, Gate is the only one to successfully implement the initial points program. Looking back over the past year, the platform has been active in acquiring stablecoin assets. According to on-chain data, it has become the second-largest holding platform for USD1 globally, and the accumulation of liquidity and user volume provides a data foundation for the implementation of the points mechanism.

Additionally, USD1 is custodied by the regulated BitGo Trust Company in South Dakota, USA, providing relative assurance in terms of compliance and security. In recent years, Gate has also accelerated its expansion of compliance, obtaining multiple financial licenses in North America, Asia, and the Middle East, making the collaboration a natural extension of the "compliance + product" strategy.

It should be noted that according to Gate's official information disclosure, this collaboration does not involve capital investment or token rights distribution; its role is more aligned with ecological cooperation. In other words, the launch of this points program is more of a product scenario-driven collaborative exploration rather than a project financing or co-branding promotion.

In the past, stablecoins were more like auxiliary tools for on-chain transactions; now, they are beginning to serve as a service bridge connecting users, platforms, and products. Whether it is the USD1 points program or USDC's earlier pilot expansion in the cross-border payment field, both indicate that the industry is shifting from competition over underlying infrastructure to refined operations focused on "user retention and usage frequency."

For leading platforms, this presents both challenges and opportunities. How to balance compliance restrictions, user education, asset security, and operational incentives will become a key variable in the success or failure of stablecoin applications in the next phase. Gate's initiative to collaborate with USD1 on points is just the beginning of this transformation.

Moving forward, the ability to form a genuinely sustainable points ecosystem, facilitate standardized collaboration among multiple platforms, and promote broader actual payment usage will determine whether stablecoins can truly transition from "anchoring value" to "carrying demand" in a new phase.

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Original: “USD1's First Stop: Gate Takes the Lead, Points Program Could Be the Prelude to the Biggest Airdrop”

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