The crypto market may look like a game of money, but in reality, it is a complete technological ecosystem. Smart contracts, blockchain protocols, DApps… these elements have built a vast on-chain financial infrastructure centered around USD stablecoins, which has taken root and sprouted after so many years of operation. If the stablecoin landscape is to change, it’s not just about switching tokens; it involves a complete reshuffle of the technological architecture and capital flow in the entire crypto world.

**USD stablecoins have become the "base currency" of the on-chain economy**

USDT and USDC have long surpassed the role of ordinary payment tools. You see any trading pair on exchanges—whether on centralized exchanges or DEXs—they are almost all quoted and settled in USD stablecoins. This is not just a habit; it’s dependency.

The DeFi world is even more evident. Leading applications like Aave and Compound have their total value locked (TVL) dominated by USD stablecoins. Why? Because these stablecoins are the core collateral for generating credit, and the entire lending market relies on them to operate. Derivatives protocols, stablecoin swap protocols… all follow this logic.

**Cross-chain liquidity is also dominated by USD stablecoins**

Cross-chain bridges connecting different blockchains require liquidity support, and the main liquidity pools are primarily composed of USD stablecoins. In simple terms, capital crosses from chain to chain, and USD stablecoins are the main channel.

Because of this deep integration, any challenge to the status of USD stablecoins is not just a matter of token competition; it’s a direct impact on the entire on-chain economic logic and capital movement habits. Changing this pattern is far more difficult than it seems.