#稳定币发展 Seeing the memorandum of cooperation between WLFI and MMA, the first thought that came to my mind was—another step forward in exploring the practicality of stablecoins.

I still remember the 2017 boom when the concept of stablecoins first emerged, and everyone was debating what to anchor to and how to ensure the value remains stable. USDT has survived to this day thanks to its first-mover advantage, but the story over the years has shown us that price stability alone is far from enough. Truly stablecoins need to find application scenarios and be used actively, not just sit in trading pairs as intermediaries.

What’s interesting about this cooperation is that they chose the sports vertical. This is no coincidence. The sports industry naturally has a high sense of community identity and engagement. Fans, athletes, gyms—these entities all have strong consumption demands within the ecosystem. As the foundational layer of the MMA ecosystem, the USD1 stablecoin essentially provides this vertical ecosystem with a self-sustaining circulation of liquidity.

Looking back at history, Libra’s failure was due to overambition and unrealistic expectations. Now, the trend is the opposite—starting from small ecosystems and completing the transition from "stablecoin → payment tool → ecosystem bloodline" within vertical scenarios. If this model works in the sports field, the potential for replication downstream is quite significant.

Of course, risks are also present. The core of stablecoins is trust. Whether USD1 can truly earn the trust of MMA ecosystem participants depends on subsequent transparency of reserves and operational standards. Historically, many projects made promises early in the ecosystem’s development, but these often changed once actual operations began.

How this step progresses is worth continuous observation.