In this wave of CEX's fierce battle for upgrading the tokenization infrastructure of the US stock market, most people only see the situation of cryptocurrency exchanges being relatively "passive" in seizing traditional securities trading channels. However, when it comes to "stablecoins", there will be a completely different perspective: The answer is in the latest report "Stablecoins: Reshaping the Financial Landscape" released by @ Binance Research. Let's first take a look at the several sets of data disclosed in the report: 1. The stable fixed currency reserve of Binance has reached 53 billion US dollars, with a market share of 57%; 2. Binance Earn has distributed a total of $1.2 billion in profits to stablecoin holders since 2022; 3. The total trading volume of TradFi Preps has exceeded $1.1 trillion, with Binance holding a market share of approximately 47%; 4. Binance Pay's transaction volume increased by 114% year-on-year, covering 21 million registered merchants; Based on the above data, attached are several personal insights and comments: 1) The Crypto native market is always in a state of panic in the face of Wall Street's self built Chain, Stablecoin and other infrastructure. The underlying message is that if they build their own exchanges and wallets in the future, it will severely damage the Crypto native market. However, the stablecoin reserve data released by Binance proves that the first mover advantage of the Crypto native market is difficult to be shaken by newcomers. The massive amount of stablecoins deposited by the exchange will serve as the foundation for all economic vitality, including wealth management, interest earning, US stock trading, and on chain wealth management. This is not a market pattern that new entrants can easily shake; 2) TradFi Preps is a market incremental opportunity for CEX such as Binance, as well as Perp DEX such as Hyperliquid and Lighter. This is also supported by the transaction volume report of 1.1 trillion yuan submitted by Binance. Although the trading volume of Perps, the encrypted native asset of CEX itself, is still far behind, stablecoins are the unified settlement assets of encrypted native Perps and TradFi Perps. In the current situation where the overall stablecoin market cake is expanding, both Perps paths will expand synchronously. TradFi Perps is the "catalyst" that temporarily cannot compete with encrypted native Perps but drives the expansion of the stablecoin market cake; 3) Binance has always been said to be a super financial app for the future financial world, but many on exchange trading groups have not perceived it. For example, market analysis suggests that stablecoins are the "base currency tool" for high inflation emerging countries such as Argentina, Brazil, and South Africa, while some users in trading speculation markets such as South Korea, Japan, and Thailand only consider them as "currency trading tools". When we shift our focus from pure trading scenarios to Binance Earn and Binance Pay, we will find that stablecoins are indeed quietly achieving large-scale implementation in real payment and consumption scenarios. Only by strengthening these "non trading" functional roles and emphasizing the new positioning of super financial apps can they truly be recognized. Obviously, only a complete financial life loop that integrates stablecoins, Earn, Pay, and PRPs can support Binance's vision of achieving future super financial infrastructure.