The stablecoin space has no absolute loyalty—just like DeFi mining, whales mostly move their funds between protocols based on interest changes. World Liberty's USD1 subsidy campaign started on the 23rd and lasted only four days. With Binance's amplification, a $40M subsidy managed to drive $4B in stablecoin issuance. This highlights two things: 1. The stablecoin war is far from over. The battle for market share is intense, and the moat for early movers isn't as strong as it seems. 2. The amplification effect of exchanges is still very evident in the crypto world. Take PYUSD (backed by PayPal) as an example—despite offering significant subsidies, its adoption remains lukewarm due to its strategy of only collaborating with on-chain protocols.