I recommend that friends who are interested in stablecoins listen to this podcast of @day1globalpod. @0x_Todd The teacher is very clear about the classification of stablecoins: USDT (65% market share), USDC (25% market share), and others (10% market share). The "other" part that everyone cares about, that is, the stablecoin that can generate "excess returns": USDe @ethena_labs is represented by stETH + Short Perp funding rate (essentially a Delta Neutral strategy). USDf @DWFLabs comes from its own MM business, including CEX funding rate advantages, multiple arbitrage strategies, etc. Essentially, they are all stablecoin wealth management projects after tokenization and packaging. The discussion of RWA's tokenized stablecoin in the interview was also interesting, and the conclusion was that T-Bill is still the most reliable underlying asset, and there is no one. The so-called real estate on the chain (and even farmland) is currently just a matter of listening. Due to BTC's non-programmability, there are currently no BTC overcollateralized stablecoin projects. So, if there are programmable BTC assets (such as zBTC @ApolloByZeus, FragBTC @fragmetric) with organic yield sources, will new stablecoin projects also be generated (brainstorming) Everyone is welcome to discuss, and you can also leave a message if you have a promising stablecoin project. cc: @rubywxt1 @starzqeth