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The landscape of stablecoins is quietly being reshaped. USD1's recent performance is definitely worth paying attention to.
The data from the past three months is quite astonishing. The total supply across the entire chain jumped from 2.0-2.5B USD to 3.4B, an increase of 70-90%. Looking specifically at the Ethereum chain, the growth rate is even more outrageous—308% increase, almost as if it's grabbing market share.
What's even more interesting is the change in market dynamics. USDT and USDC, which originally held a firm grip on 88-90% of the market, have now been pushed down to 82-86%. Although it seems like only a 5-8 percentage point drop, in the stablecoin sector, this means new players are capturing more and more users and funds. The growth of USD1 is not happening out of thin air; it is genuinely taking a slice of the cake from mainstream stablecoins.
What exactly is driving this wave of growth remains to be further observed. But from a data perspective, the trend toward market diversification is already quite clear.