I think what’s really worth paying attention to this time is how TradFi is starting to have a more direct connection with USD1. In the past, USD1 mostly circulated within the crypto ecosystem—trading in DeFi, participating in lending, doing margin trading. All these scenarios were still within Crypto. But this time, it’s different!!! After SPCXUSD1 went live, users are trading TradFi equity-related products, but settlements are done using USD1. The biggest shift here is that USD1’s usage boundary is starting to expand from Crypto to TradFi. In my opinion, what truly determines the value of a stablecoin has never been just how much is issued, but how many real-world scenarios are willing to use it for settlement. Every new scenario adds another layer of demand. True integration isn’t just tokenizing existing stocks or moving assets on-chain—it’s when both sides start using the same settlement medium. For a stablecoin, what it can be used to trade is more important than how many people hold it; the markets where it can settle transactions hold more long-term value than just market cap growth.