Here’s a chart I made using Surf to analyze stablecoin growth data. The source is public stablecoin market cap data. Overall, I found that stablecoin growth can be divided into two types: One type grows through incentives—high APY, promotional subsidies, reward expectations—basically attracting funds with benefits. The other type grows by entering real 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 be placed here? Currently, most stablecoins fall into the first category. USD1 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 relatively large orders placed. In contrast, BTCUSDC at some price levels is dominated by smaller orders. Of course, this doesn’t mean USD1 has fully surpassed USDC, but it does indicate that: USD1 has started entering real trading use cases. This is significant because, in the end, stablecoins compete not just on issuance volume or who offers the highest APY. Subsidies will eventually end. Once user habits are established, the stablecoin that remains will be the one that the market truly accepts as a settlement currency, margin asset, and trading medium.