Binance has launched 3 contract trading pairs settled in USD1:

▌BTC-USD1

▌ETH-USD1

▌SPCX-USD1

Among them, the 24-hour trading volume of the SPCX-USD1 perpetual contract has surpassed 15.04 million dollars.

A larger trend behind this is that the stablecoin market is being dominated by a "distribution-first" model. CEX, with its large user base and deep liquidity, holds the key channels for the circulation and trading of stablecoins.

In other words, behind every successful stablecoin, there often stands a powerful supporter.

▌USDT relies on its first-mover advantage

▌USDC is backed by the support of the Coinbase ecosystem

▌USD1 is gradually eating into the market with the strong distribution capability of Binance

The competition in stablecoins has long been not just a battle of technology and compliance, but also a contest of channels and distribution capability.

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