If the crypto world in 2021 was a battle of perceptions, then in 2025, we have truly entered the era of capital efficiency. Remember two years ago? Everyone was worried about USDT crashing or USDC not being sufficiently decentralized, as if clutching a bunch of gold bars but unable to move.

Now, look at any top investor’s trading room, and the key indicators on the screen have long since changed. It’s no longer about how much stablecoin you hold, but about real-time hedge ratios and benchmark yields. This shift may seem subtle, but it actually represents the entire market’s transition from passive holding to active management.

The synthetic dollar protocol that will fully ignite the market in 2025 has evolved from niche innovation to mainstream infrastructure. Honestly, traditional USDT is like a hundred-dollar bill locked away in a museum—safe, but dead money. This new protocol is more like an efficiently running generator: it no longer relies on US Treasuries stored in bank vaults, but uses spot and perpetual hedging strategies to directly convert market volatility into stable purchasing power.

Technologically, this marks the beginning of the era of Delta-neutral assets. Simply put, it’s like equipping funds with an automatic balancing device: when the market overheats and funding rates soar, short positions earn interest; when the market cools down, multi-layer collateral modules can stabilize the exchange rate.

This is completely different from the opaque asset proof system of USDT. Everything on the chain is transparent—every source of yield, every collateral can be traced. Transparency is like morning dew, crystal clear.