The market is looking at stablecoins through too narrow a lens right now. Most people are comparing market cap, market share, and growth rates. But if you really want to understand the bigger picture, what you should be comparing are three completely different business models and asset-liability structures. A couple of days ago, we talked about the competitive advantages of USDT and USDC. Today’s post will analyze the differences between three typical stablecoins—USDT, USDC, and USD1—by combining the latest updates from the CLARITY Stablecoin Act. From the data: - **USDT**: Market cap ~184 billion, share ~57.85% (Q1 saw the first quarterly supply contraction, dropping from 60.7%), Q1 net profit ~1.04 billion, excess reserves 8.23 billion - **USDC**: Market cap ~77.3 billion, share ~25%, projected total revenue for 2025 ~2.7 billion, core profit ~582 million - **USD1**: Market cap ~4.5 billion (it was ~3 billion last December, up 67% in 3 months), ranked fifth globally, surpassing PYUSD (~4.1 billion) and DAI (~4.3 billion); Binance Q1 cumulative trading volume reached nearly $30 billion, and its financial products have been consistently active But with CLARITY coming into play, what will truly determine future market share isn’t current scale—it’s the alignment between growth strategies and the provisions of the Act. How will the Act impact these three stablecoins?