2026-01-08 19:21:48

Recently, a major exchange quietly launched a mainstream platform's U stablecoin. At first glance, it doesn't seem unusual: two platforms cross-promoting each other, each benefiting from the other's traffic, and that's it. But upon closer reflection, this matter might be far more complex than it appears.

Let's start with the current situation. The stablecoin market landscape is actually quite clear—USDT and USDC dominate, together accounting for over 85% of the market share, with other stablecoins barely surviving in the cracks. The key point is that regulatory environments have become extremely strict in the past two years: the US GENIUS Act, Hong Kong's stablecoin legislation, and other regulations have been introduced one after another, with compliance requirements becoming outrageously high. New entrants have almost no room to survive, and small to medium stablecoins are dying out completely.

Against this backdrop, the recent collaboration is quite interesting. This move breaks the traditional norms—especially among leading platforms in the crypto space, particularly those with Chinese backgrounds, which have historically operated independently, each eager to keep all users within their own ecosystems. You list your coins, I do my thing, and no one pays attention to the other. But now, the approach is completely opposite: actively opening the door to accept each other's stablecoins, even launching a 20% APY financial product to attract user participation. Such an approach would have been unimaginable in the past.

Why has this shift occurred? The answer lies in the fact that market competition has reached a stage where cooperation is necessary. The high-pressure regulatory environment worldwide, combined with the strategic importance of the stablecoin sector, has made solo efforts unfeasible. Only by forming some degree of collaboration and synergy among leading platforms can they maintain competitiveness in this race. This is not just about simple business interoperability; it reflects the industry's strategic adjustments in response to dual pressures from regulation and market dynamics.

This change warrants ongoing observation, as it may signal the emergence of a new pattern of competition and cooperation among crypto exchanges.

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HypotheticalLiquidator

· 01-11 18:12

80% of the market share has been completely eaten up, and the remaining players should have already formed alliances, otherwise it’s just slow death... This 20% APY looks tempting, but once the lending rate skyrockets, the dominoes of chain liquidations will be toppled. Regulatory pressure is essentially pushing people out; compromises by leading players are just delaying tactics, not saviors. The stablecoin war ultimately becomes a survival game, and behind cooperation, systemic risks are accumulating. Where exactly is the true risk control threshold? No one can say for sure... Going solo leads to death; banding together doesn’t necessarily guarantee survival—this is the fate of the crypto market. What appears to be cooperation might actually be preparing for the next wave of deleveraging, proactively shifting users to relatively safer positions.

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GasFeeLover

· 01-10 11:45

Hey, wait, is this a forced alliance or genuine collaboration? I can't quite see through it. Chinese exchanges are teaming up to resist regulation. Is the 20% APY yield real? We need to keep a close eye on it. When regulation comes, everyone will have to bow their heads; former enemies are now allies. With such heavy compliance pressure, no wonder all the major exchanges can't sit still and are starting to show goodwill towards each other. This move might be a preparation for a major reshuffle. Stay calm and watch to see who will slip up first.

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RunWhenCut

· 01-08 20:56

Huddling together for warmth, in other words, it's only when they can't go on that they think of cooperation. Once regulation applies pressure, these platforms immediately start acting sweet, quite realistic. 20% APY? I don't believe you, that's definitely another scam. The top players are really getting anxious, even rivals they used to ignore are now trying to hug. Talking about strategic adjustments, it's just being forced by regulation, nothing new. Let's wait and see, sooner or later they'll stab each other again. How long can this cooperation last? The stablecoin market is so small, no matter how much they cooperate, they're still fighting for the cake, just putting on a show here.

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LiquidityLarry

· 01-08 19:49

Huddling together for warmth—that's the inevitable result of regulation pushing us into a corner. Major exchanges are really starting to panic. They used to be afraid of users leaving for other platforms, but now they're actually trying to direct traffic to each other. The shift is huge. Offering 20% APY to attract users? Feels a bit rushed... Going it alone is no longer feasible, but could this approach actually weaken each other's influence? The game of stablecoins is becoming more and more complex. It all depends on who can survive until the end.

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MetaverseVagrant

· 01-08 19:47

Alright, band together and keep warm. Anyway, it's really hard to go solo right now. Wait, 20% APY? That's a pretty aggressive interest rate. Feels like something's about to go wrong. Chinese platforms are really starting to compromise, which shows that regulators have truly backed them into a corner. Let's see if other exchanges follow suit later; that's the key. The stablecoin market has been eaten up by USDT; now we can only nibble at others' shares. It feels like the crypto world is about to change; the era of competition and cooperation has truly arrived. But on the other hand, will platforms that band together end up failing together? With such strict regulation, what's the point of stablecoins? Just go straight to central bank digital currencies. The 20% APY promotion feels like the last wave of fundraising; I’ll withdraw first out of caution. If this move spreads, the traditional stablecoin landscape could really be shattered.

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OnChainDetective

· 01-08 19:42

wait hold up... 20% APY on stablecoins suddenly? that's not cooperation, that's desperation wrapped in a bow. transaction patterns on that don't add up

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GamefiHarvester

· 01-08 19:24

Oh wow, the top players are starting to band together? It seems that regulation has really pushed everyone to the brink. Basically, they can't operate alone anymore; they must join forces to survive. I can sense the intention behind this move. 20% APY? That return rate is a bit suspicious. Is it really a benefit or just a disguised way to cut the leeks? Compliance is indeed a high hurdle. Small coins simply can't survive; the market is so brutal. It's the first time I've seen Chinese-based exchanges accept each other's coins, but how long this can last is hard to say. Rather than calling it cooperation, it's more like a forced response. There's no other way out. This is an inevitable choice under regulatory pressure, but the real beneficiaries are the big players. Retail investors have to watch and act accordingly. Everyone wants a piece of the stablecoin pie, but the rules are getting stricter and stricter. We can only obediently follow. Will this collaboration become a new industry benchmark? Let's wait and see how it develops.

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PhantomHunter

· 01-08 19:23

Damn, are Chinese-based platforms starting to band together? This is really getting serious now. Wait, is 20% APY a bit too good to be true? Could they suddenly cut it someday... With regulations putting pressure, there's no way out. No wonder they have to back each other up, or it's really game over. Now top platforms are almost like an alliance. Are retail investors about to be harvested again? Haha. It's basically forced, no other way. Either band together or die, simple and brutal. We need to keep watching. It feels like there are still many variables, maybe next month it will reverse. Really didn't expect to see them nodding to each other in our lifetime. The market has truly changed.

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