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

once dominated with USDT, holding a market cap of 200 billion, but that has now been broken. The latest project to emerge is playing a new game — using USDT, USDC, and a USD1 launched 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 major exchange’s stablecoin development can be called "three spectacular transformations": first promoting BUSD as a core product, which was abruptly halted after regulatory intervention; then shifting to rely on 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 is not just support, but a complete "family business" layout.

The underlying logic is becoming clearer: a family member acts as a "cryptocurrency policy advisor," family members serve as ambassadors, and their stablecoins soared within two months thanks to a $2 billion big order in the Middle East. Now, they are also included in the reserve pool of a new stablecoin. This forms a complete利益链 — exchange users trade the new coin, the reserves of the new coin include products from this family, the family gains profits, and regulatory attitudes naturally align. In essence, this is moving the operational logic of the dollar system onto the blockchain.

On the compliance front, things are also heating up. The IPO day closing price of the main stablecoin issuer rose from 31 to 69, indicating a clear increase in market recognition of 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.