The competitiveness assessment of the stablecoin ecosystem can be approached from three core dimensions—

**Fundamentals**: It’s important to observe how interest rate fluctuations influence the attractiveness of stablecoins, the actual demand scale from the market for stablecoins, and how the bargaining power of different channel participants evolves. These indicators directly determine the market share of stablecoin projects.

**Strategic Position**: The financial system composed of the US dollar and US Treasuries is undergoing iteration, and stablecoins are gradually becoming a key hub extending this system onto the blockchain. The integration of Agent technology with new-generation financial infrastructure is, to some extent, like the "oil" of the digital world—becoming the core energy driving the entire ecosystem.

**Growth Momentum**: The expansion of non-interest income is often a leading indicator. The growth rate of this income can reflect the true progress of the project in ecosystem expansion and service innovation.