The tug-of-war between Ripple and the SEC has come to an end. Many people only see one conclusion: the 'identity' of certain tokens has been redefined. But for me, what is more important is the process: years of time, countless emotional fluctuations, and dramatic price pulls - you will find that what really consumes you is not right or wrong judgment, but funds being locked in uncertainty.
The most valuable thing in uncertainty is not the viewpoint, but cash. Because cash gives you two abilities: retreat and counterattack. It is for this reason that stablecoins have never been supporting characters; they are the respiratory system of the market.
This is also the reason I insist on writing the subject as USDD: the narrative of USDD 2.0 is very much like an 'upgrade of the dollar base from the crypto world'; it transforms stablecoins from being about 'trust' to being about 'structure'.
You can think of USDD as a three-part cash logic:
First segment: Use on-chain assets as collateral (over-collateralization).
Stablecoins are most afraid of a collapse of confidence; during a collapse, only two things can save it: solvency and exit channels. Over-collateralization puts solvency on the table, making stability more predictable.
Second segment: Use PSM to turn anchoring into executable actions.
The biggest fear when many stablecoins de-anchor is: I want to exchange back to 1 dollar, but the 'door' is not there. The significance of PSM is to provide a 1:1 exchange/arbitrage repair path, giving the market the incentive to pull it back when prices deviate.
Third segment: Use multi-chain native to turn cash into a pass.
If your dollar can only survive on one chain, it is not cash; it is an internal ecosystem point. The multi-chain native deployment of USDD means you can bring it into different DeFi scenarios for lending, market making, payments, and settlements; cash truly 'comes alive.'
sUSDD is the 'efficiency layer' of cash engineering: Stake USDD to obtain sUSDD, with value accumulation often reflected in the changes in exchange ratios (based on the current page), giving you a chance to reduce idle capital costs without betting on direction.
The story of Ripple tells us that compliance disputes can drag on for many years, market conditions can change many times, but whether you can survive to the next act depends on whether you have a cash foundation. For me, USDD is that more interpretable, verifiable, and transferable on-chain dollar foundation.
Disclaimer: The above content is personal research and views of 'carving a boat to seek a sword,' used for information sharing only, and does not constitute any investment or trading advice.
