The competitive landscape of the stablecoin market is worth paying attention to. CZ's analysis clearly points out the current industry status—USDT and USDC dominate at present, but profit margins are limited. The classification of FDUSD and USD1 as 1.5-generation products is supported by data: FDUSD's growth is constrained by friction costs in fiat on-ramps, which can be verified through on-chain liquidity and trading volume; USD1 has a solid compliance foundation in the US, with greater potential for ecosystem expansion in the future.

From the perspective of capital flow, the incremental opportunities in the stablecoin sector lie in the innovation of yield mechanisms and application scenarios. True 2.0-generation stablecoins need to possess higher capital efficiency and ecosystem stickiness; a simple reserve model is no longer competitive. It is recommended to continuously monitor the whale wallet movements and trading pair growth of these two projects, especially the liquidity expansion of USD1 on mainstream exchanges—this will directly reflect the market's real valuation of its prospects. The industry is still in the early exploration stage, and there is enough market space to accommodate multiple niche players.