Here’s a chart I made using Surf to analyze stablecoin growth data, sourced from publicly available stablecoin market cap info. Turns out, stablecoin growth generally falls into two categories: One is growth driven by incentives—high APY, promotional subsidies, reward points, etc., to attract funds. The other type of growth comes from entering real-world trading scenarios. For example, stablecoins primarily used as trading tools—can they be used as margin? Do they have mainstream trading pairs? Is there enough order book depth? Are large orders willing to sit on the books? Right now, most stablecoins probably fall into the first category. solana:USD1ttGY1N17NEEHLmELoaybftRBUSErhqYiQzvEmuB used to be in the first category too, but it’s now evolving into the second. Based on the data I’ve observed, during certain recent periods, the BTCUSD1 trading pair on Binance futures shows decent order book depth. At key price levels, BTCUSD1 has some pretty large orders on the books. In contrast, BTCUSDC at similar levels tends to have more small orders. Of course, this doesn’t mean USD1 has fully surpassed USDC, but it does indicate that solana:USD1ttGY1N17NEEHLmELoaybftRBUSErhqYiQzvEmuB is starting to enter real trading use cases. This is pretty significant because, in the end, stablecoins compete on more than just issuance volume or who offers the highest APY. Subsidies will eventually run out. After cultivating user habits, the stablecoin that becomes the go-to settlement currency, margin asset, and trading medium will be the one that survives and gets accepted by the market.