Jason Yanowitz × Charles Cascarilla

Stablecoins are moving from crypto speculation toward regulated financial infrastructure, while Paxos’s white-label volume grew from about $1 billion to $6 billion and USDG reached around $1.8 billion across about 130 institutions.If GENIUS removes ambiguity, competition centers on liquidity, utility and regulation, while Paxos’s “very likely” IPO has no firm timing.

DeFi Dad × Nomatic × Arpan Gautam

sUSN has outperformed Ethena, Resolv, Cap, USDai, and Sky through an allocator spanning DeFi, CeFi, and TradFi.With funding-rate arbitrage at a standstill, capital is shifting toward credit and CLOs; Accountable proof-of-solvency differentiates Noon, while First Brands fraud and tentative institutions remain key risks.

泓君 × 刘锋 × 杨民道

Tether以近乎零成本的用户资金配置美债，2024年净利润137亿美元、USDT占稳定币市场约70%，流动性构成核心护城河。其透明度和储备结构虽已改善，降息后收益下降、非美债资产风险及银行发行稳定币都可能重写竞争格局。