In the past 3 months, the fastest-growing is neither the USDC, which has been crazily subsidizing annual returns since its listing, nor the orthodox USD1, but rather Ethena's on-chain synthetic stablecoin USDe.

Additionally, the upgraded version of DAI, USDS, has also shown significant momentum, and the original DAI is also gaining market share in the stablecoin sector.

The on-chain DeFi market is returning in the form of stablecoins.

Meanwhile, USDC has been significantly squeezed.