Stablecoins have long been more than just simple "transaction tools and USD substitutes."

Once an asset's annual transfer volume surpasses the combined traffic of Visa and MasterCard, it has completely transcended the crypto circle—entering the arena of global financial infrastructure. At this moment, leading exchanges, Trump-affiliated forces, and sovereign capital are all entering new stablecoin projects, reflecting a profound transformation in competitive logic. In the past, it was about who could launch first and whose technology was stronger. Now, it's about who can aggregate more resources and whose ecosystem is more complete.

$U is just a starting point. The real battle is that the second phase of the stablecoin race has already begun.