The stablecoin race in 2025 is really quite lively. $BTC

Once, USDT dominated with a market cap of 200 billion, but that situation has now been broken. The latest project to emerge is playing a new game — using USDT, USDC, and a USD1 issued by a well-known family as reserves to issue a new stablecoin. This design idea is quite clever: multi-layered collateralization to diversify risk, sounding like the ultimate version of "I want everything." Indeed, with more diversified underlying assets, even if one reserve encounters issues, the entire system won't collapse immediately.

The actions of exchanges are even more interesting. The path of a certain leading exchange's stablecoin can be described as a "triple glamorous transformation": first promoting BUSD as a core product, which was halted after regulatory intervention; then turning to FDUSD for survival; now directly launching a new coin themselves, quietly releasing it in the Middle East, with official chain support, full ecosystem DEX integration, and wallets connecting immediately — this isn't just support, it's a complete "family business" layout.

The underlying logic is becoming clearer: a family member acts as a "cryptocurrency policy advisor," another family member serves as an ambassador, and their stablecoin took off within two months thanks to a $2 billion big order in the Middle East. Now, it has been incorporated into the reserve pool of a new stablecoin. This forms a complete利益链 — exchange users trade the new coin, the reserves include products from this family, the family earns profits, and regulatory attitudes naturally align. In essence, this is moving the operational logic of the dollar system onto the blockchain.

Compliance is also heating up. The IPO of the main stablecoin issuer saw its first-day stock price rise from 31 to 69, indicating a clear increase in market recognition for compliant stablecoins. A multi-chain, multi-currency, multi-reserve pattern is taking shape, and industry competition has shifted from a single dimension to ecosystem integration. The stablecoin landscape in 2025 is indeed much more lively than before.