The meat of the stablecoin market is really powerful, everyone wants to take a bite. Firstly, there were U and USD1, and now PolyMarket also needs to issue its own stablecoins. It seems that there is indeed a lot of pressure on USDC now, and USDT has also been conducting audits recently. They were unwilling to audit before, but now they have taken the initiative to audit. Behind stablecoins is an annualization of 4-5%. Polymarket platform has accumulated billions of dollars in funds throughout the year. These money are lying in USDC, but Circle is earning the interest. Based on the current annualized interest rate of 4-5%, this year could be worth 100-200 million US dollars. Polymarket cannot get a penny of it by itself. Sending one's own stablecoin is to recoup this interest. The user charged in $1, gave him a stable currency, and the $1 real gold and silver was lying in the treasury bond account controlled by the Polymarket for interest. The money earned this year may be more than the fee income. This is not a unique gameplay created by Polymarket. Tether played it that way back then, with a net profit of billions of dollars a year, all of which came from the interest on stablecoins deposited by users. The USDC Circle is the same. If even customers of Polymarket's scale start issuing stablecoins themselves, the moat of USDC will be narrower than imagined. The next big DApps that may follow suit may be other large DApps. Any platform that has accumulated hundreds of millions of dollars in USDC cannot help but crave this piece of meat.