The recent moves in the stablecoin ecosystem are worth paying attention to. Tether, Velo, and Binance are advancing in sync from three perspectives, with a clear underlying logic—an integrated approach of infrastructure improvement + liquidity deepening + trading pair expansion.

While Tether's AI wallet sounds like a novel concept, its core focus remains on consolidating the USDT ecosystem position, while also attempting to expand the stablecoin matrix through new products like USAT. These wallet applications are usually designed to lower user barriers; data should focus on subsequent on-chain activity and fund flows.

More interesting is the collaboration between Velo and WLFI— the emergence of regulated USD stablecoins like USD1 indicates that the PayFi track is vying for influence in mechanism design. If USD1 can create liquidity aggregation effects within the Velo ecosystem, it will be worth monitoring its exchange depth and settlement efficiency differences with USDT.

Binance's new contract launch is relatively routine, but considering the expansion of the stablecoin ecosystem, it is aimed at supplementing trading pairs in the derivatives market. The 40x leverage setting for ZKPUSDT reflects market expectations of the volatility of this product, and also signals intensified liquidity competition.

Overall, stablecoins are no longer just simple value storage tools but are gradually evolving into infrastructure for the ecosystem. On-chain fund flows and changes in contract holdings will better reflect the true attractiveness of these new products.