Say goodbye to wild growth—compliance premium + open ecosystem set the tone for the second half of the stablecoin game. Comparison of different stablecoins: U relies on subsidies and complex leverage, with high mixed reserve risks; USD1 and PYUSD are subject to single U.S. regulation, posing single-point risks; USDG holds dual licenses from Singapore MAS and Europe MiCA, with 100% high-quality USD reserves and bankruptcy isolation protection.