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 already exceeded $15.04 million. Behind this is a bigger trend: the stablecoin market is being dominated by a 'distribution-first' model. CEX platforms, with their massive user bases and deep liquidity, hold the key channels for stablecoin circulation and trading. In other words, behind every successful stablecoin, there’s often a powerful backer. ▌USDT relies on its first-mover advantage ▌USDC is supported by the Coinbase ecosystem ▌USD1 is leveraging Binance’s strong distribution capabilities to gradually eat into the market The competition among stablecoins is no longer just about technology and compliance—it’s also a battle of channels and distribution power.