A clear trend is that stablecoins are competing for PerpDEX entry, such as the recent TGE's edgex, which received strategic investment from USDC's parent company Circle, and the recent cooperation between USD1 and Aster Essentially, it is a bet on the future trading entry point, and Perp is the currently foreseeable future entry point. USD1 and Aster are even a kind of binding, with low cost and heavy rewards making USD1 quickly become the mainstream stablecoin in the Aster ecosystem This collaboration involves approximately four things: Pricing perpetual with USD1, providing WLFI incentives directly to trading volume, breaking through transaction fees directly, using USD1 as perpetual collateral, with the same weight as USDT It's about forcibly reversing towards USD1, not simply supporting another stablecoin, but making USD1 the "default currency" in trading For users, it doesn't matter, and even benefits more, because using USD1 will bring tangible benefits, such as 0 bp Maker fees that are basically equivalent to free pending orders. Whether it's quantitative arbitrage or regular secondary trading, they have strong appeal Both Aster and USD1 are strong catalysts. USD1 requires more usage scenarios and is willing to pay subsidies. Aster requires more users and trading volume and is willing to introduce USD1 Simply put, it means investing money to expand the market. Using USDT incurs higher transaction fees, while using USD1 offers rewards and lower costs. Even fools would choose the latter This involves a core stablecoin flywheel: User for reward → Use USD1 Trading volume increases → USD1 liquidity strengthens Enhanced liquidity → More people are using USD1 More people use → Scene expansion Finally reached USD1 → Perp → liquidity=USD1 I can only sigh at the current situation, where things like USDT used to expand naturally, while USD1 is now a precise attack with incentives to compete for market share. Stablecoins are essentially not about who has a larger market value, but who has more users. In fact, there have been many stablecoins in between, but their functional scenarios are very single. People's main purpose is to use these stablecoins for wealth management mining, and immediately switch back to USDT after the end. In fact, this strategy is ineffective USD1 is now directly competing for trading entry, giving you two options. On the same platform, USD1 has more rewards and lower trading costs, while USDT has nothing This is the current competition model for stablecoins