Since the DeFi explosion in 2020, USDT has become an important stablecoin for DEX trading such as Uni, Pancake, and Curve. With protocols like Aave, Compound, and JustLend allowing users to use USDT as collateral for lending, the demand for USDT has significantly increased; additionally, due to on-chain transaction fee issues, TRC-20 USDT on the Tron network has gradually become the main version for DEX trading.
The reason it is called a stablecoin is because of its anchoring standard, U is commonly used by foreign trade enterprises in cross-border transactions, bypassing traditional bank restrictions: some foreign trade companies in certain countries may face limitations and scrutiny from the traditional banking system, including high fees, remittance restrictions, etc. By using U, enterprises can circumvent these restrictions and conduct international transactions more flexibly. Some domestic companies also use U for salary payments, and there is no need to elaborate on the tax aspect...
Since 2023, U cards have been emerging one after another, and during that time, there was a constant bombardment of news about Onekey, Binance, By, and other visa cards that can be used for daily consumption; in 2024, the introduction of a spot Bitcoin ETF will bring new capital flows, further expanding the role of U in the market; some emerging market countries (like Argentina) also support U payments for certain real estate transactions.
Recently, some platforms have even started supporting U for trading US stocks and Hong Kong stocks; for instance, #biyapay , normally, our users in mainland China cannot buy US stocks. Opening an account in the US is very difficult; many brokerage platforms in the US offer online account opening; entrusting a Hong Kong company to open an account is also quite troublesome. Platforms like Biyapay, which allow the buying and selling of US and Hong Kong stocks using U, are very convenient, even including the conversion of U from the crypto space.
Stablecoins in the crypto space have faced compliance challenges, market competition, and significant crises over the past few years. In the future, the crypto space may continue to become more standardized, expanding more on-chain applications, improving compliance, and fully realizing new fields such as Real World Assets (RWA).
