Binance has done something big this time, which many people may not understand yet. No wonder the USD1/USDT exchange rate pair took off again today（ Figure 1)! Since the end of January, I have been tracking Binance's USD1 position incentive and have been using it for almost 4 months, from a WLFI prize pool of 40 million US dollars to the current renewal of 13 million US dollars. I thought it was just a short-term activity, but I didn't expect Binance to start playing unlimited refills. The yield has remained stable at around 6-7%, which is already very attractive for stablecoins. The key is that the threshold is absurdly low, as long as you have USD1 in your spot, leveraged, or contract account, you can automatically split the money. Contracts, leveraged accounts, and bonuses, remember to organize them. But this real tough job is not as simple as refilling the cup. Binance has directly increased the collateral ratio of USD1 in the margin system from 95% to 99.99%. Look at this number, it's basically equivalent to a full mortgage. What does this represent? Binance has given the highest level of trust endorsement to USD1's de anchoring risk and liquidity. Large households can eat from both ends now. Previously, when we put those interest bearing stablecoins in our wallets to earn interest, our funds were locked up; Filling it into the exchange as margin and then being discounted (5% or 10%), the efficiency of funds is extremely low. Now then? By depositing USD1 into Binance and opening contracts for hedging, not only can it be used as a bullet when full, but we can also earn ecological incentives from the platform. Equivalent to the cost of holding positions being directly reduced to zero, or even turning into positive returns. I believe that high-frequency traders and arbitrage accounts will soon flood in with this combination of punches. Another action is that Binance has launched its first USD1 based contract, the BTCUD1 perpetual contract. This signal is very clear: Previously USD1=regular trading stablecoin The current USD1=core margin asset In the Binance system, USD1 can now directly compete with USDT and USDC to seize the underlying liquidity of the derivatives market. What are we going to see next? Keep an eye on the growth of USD1 issuance. When USD1 simultaneously possesses: 99.99% top mortgage rate • Platform incentives (WLFI empowerment) • Standard contract online The pattern of the stablecoin market has reached a point of reshaping. It's a bit like bamboo accumulating underground for several years before breaking through the soil, and once it comes out, it erupts exponentially. The growth time of the USD1 curve may be in the coming months. Pay attention.