百里 🦅

Recently, I saw the H1 2026 half-year review published by WLFI, and after organizing my thoughts, I felt that the biggest impression was: what USD1 has done in the past six months is no longer just expanding the scale of stablecoins, but slowly filling in the key links needed for a complete digital US dollar ecosystem. First, let's look at the data. The total supply of USD1 in the first half of the year has exceeded $5.3 billion, and it has been deployed on more than 8 public chains. Among them, the Solana ecosystem has grown significantly, with a half-year growth from $115 million to over $1 billion. What's worth noting is that USD1's route is different from many stablecoins. It doesn't rely on cross-chain bridges to package assets, but instead, it is natively deployed on different public chains. For example, it is issued on Tempo according to the TIP-20 standard, and MovaChain, Aptos, Monad, and other ecosystems are also gradually accessing it. The real competition among stablecoins is not about issuing more, but whether users are willing to use them in the long term. Stablecoins that simply lie in wallets have limited value. Only by entering trading, lending, and payment scenarios can liquidity truly come alive. In this regard, WLFI has been continuously promoting this year. WLFI Markets, which was launched this year, had a supply of over $310 million in just two weeks, and the overall market size is now around $734 million, with active borrowing reaching $262 million. USD1 is starting to become a liquidity tool in the ecosystem, rather than just staying in trading accounts. In terms of trading scenarios, USD1 is also constantly expanding. Binance has launched BTC/USD1 and ETH/USD1 perpetual contracts, and on Aster DEX, USD1 has even started to be used as a pricing asset for traditional assets such as gold, silver, and oil. Another notable event is UFC Freedom 250. The prize money was paid directly in USD1, and it was broadcast live on the White House lawn. For stablecoins, this means that it has truly entered the mainstream sports scene, rather than just appearing on exchanges and DeFi pages. It's still too early to say that USD1 has completely succeeded. Ultimately, stablecoins need to prove their long-term liquidity, compliance capabilities, and real usage needs. But from the operating pace of the past six months, it's clear what WLFI has done: on the one hand, expanding on-chain liquidity, on the other hand, expanding real-world applications, and at the same time, promoting institutional-end infrastructure construction. Currently, WLFI has submitted an application for a national trust bank license to the US OCC, BitGo has opened institutional-level USD1 minting services, and Apex Group is also exploring the application of USD1 in the field of tokenized funds. When I pay attention to stablecoin projects, I care about two points: first, whether they have real usage scenarios, rather than just issuing scales; second, whether they have the ability to connect on-chain finance and the real world. From the current development path, USD1 is gradually moving from a stablecoin product to a digital US dollar infrastructure. In the second half of the year, what's truly worth paying attention to is not just the supply quantity, but whether these application scenarios can continue to produce real usage. Let's keep paying attention and continue to build!