In early 2025, a stablecoin named USD1 drew attention in the crypto market. The company behind it, World Liberty Financial, is controlled by a political family holding 60% and accounts for 70% of net profits. In just a few months, this business has contributed over one billion dollars in revenue to the family.

The real turning point came with a massive transaction. Abu Dhabi's sovereign fund MGX invested 2 billion USD1 into a leading crypto exchange. This deal set a new record in cryptocurrency payments history and also provided the new stablecoin with a "state-level capital" credit endorsement.

USD1 then accelerated its expansion. By the end of the year, its market cap surpassed $2.7 billion, ranking among the top seven stablecoins globally and becoming the fastest-growing new player in the industry. Interestingly, a certain decentralized stablecoin protocol has included USD1 in its core reserve assets—indicating a new ecological chain is forming.

From transaction volume to capital flow and reserve composition, USD1's linkage with the mainstream crypto ecosystem is becoming increasingly close. Meanwhile, Washington's regulatory stance is quietly shifting: relevant law enforcement agencies have paused investigations into specific cases, and U.S. Treasury officials have publicly stated that stablecoins will play a role in "maintaining the dollar's international status."

When sovereign capital, top trading platforms, political influence, and regulatory agencies reach a consensus, a stablecoin transcends its role as a purely commercial tool. It becomes a new form of capital—connecting market liquidity on one end and political recognition on the other. This is rewriting the rules of the cryptocurrency market.