Binance has done something big this time, and many people may not have understood it yet. No wonder today the USD1/USDT exchange rate has taken off again (👇Image 1)! 🧐

Since the end of January, I have been tracking Binance's USD1 position incentive, and I have been enjoying it for nearly 4 months, going from a $40 million WLFI reward pool to now another $13 million refill. I originally thought it was just a short-term event, but Binance directly played with infinite refills.

The yield has consistently stabilized around 6-7%, which is already quite attractive for stablecoins. The key point is that the threshold is ridiculously low; as long as you have USD1 in your spot, leverage, or contract account, you can automatically share in the profits. The contract and leverage accounts also have bonuses, so remember to take advantage of it.

But the real tough move this time is not just the refilling.

Binance raised the collateral ratio for USD1 in the margin system from 95% directly to 99.99%. Look at this number, it basically means fully collateralized. What does this represent?

• Binance has given the highest level of trust endorsement regarding the de-pegging risk and liquidity of USD1.

• Large holders can 'eat from both ends'.

In the past, those interest-earning stablecoins were locked in our wallets; when charging into exchanges as collateral, there were discounts (95% off, 90% off), and the capital efficiency was extremely low.

Now? Charge USD1 into Binance to open contracts and hedge; not only can it fully serve as capital, but we can also earn the platform’s ecological incentives at the same time. This equivalent to the cost of holding directly becoming zero, or even turning into positive return. I believe this set of combined moves will surely see high-frequency traders and arbitrage accounts pouring in.

Another action, Binance conveniently launched the first USD1-based contract: BTCUSD1 perpetual contract. This signal is very clear:

Previously, USD1 = ordinary transaction stablecoin

Now, USD1 = core margin asset

In the Binance system, USD1 can directly compete with USDT and USDC for the underlying liquidity in the derivatives market.

What should we focus on next? Keep an eye on the growth of USD1's issuance.

When USD1 possesses:

• 99.99% top-level collateral rate

• Platform incentives (#WLFI empowerment)

• Onset of base contracts

The structure of the stablecoin market has reached a point of reshaping.

It’s somewhat like bamboo accumulating underground for years before breaking through the soil; once it emerges, it explodes exponentially.

The curve growth period of USD1 may just be in the last few months. Stay tuned. 🧐

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