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What can @SkyEcosystem do that @circle cannot? 1. Earn higher yield on the underlying collateral assets vs. only the T-Bill rate 2. Share the yield with USDS holders

A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a specific asset or basket of assets, such as a fiat currency (e.g, the US dollar), commodities, or other cryptocurrencies. This pegging mechanism aims to minimize volatility, making stablecoins more suitable for everyday transactions, remittances, and as a store of value compared to more volatile cryptocurrencies like Bitcoin. $USDC $USDS $USD1 $TUSD $DAI There are several types: fiat-collateralized (backed by reserves of fiat currency), crypto-collateralized (backed by other cryptocurrencies), algorithmic (maintained through smart contracts and incentives without full reserves), and commodity-backed (pegged to assets like gold). Popular examples include Tether (USDT) and USD Coin (USDC). Complete History of Stablecoins Year by Year Till Today. The history of stablecoins begins shortly after Bitcoin's launch, evolving from early experiments to a multi-billion-dollar market. Below is a year-by-year timeline based on key milestones, launches, and developments up to September2025: 2014: The concept emerges with the launch of BtUSD on the BitSres blockchain in July, the world's first stablecoin, pegged to the USD via crypto collateral. In September, Nu-Bits (USNBT) is introduced on the Peercoin network as another early attempt at stability. Tether (originally Realcoin) launches in October as the first fiat-backed stablecoin, initially on the Omni Layer protocol over Bitcoin, backed 1:1 by USD reserves. 2015: Tether gains traction for trading on exchanges, but the market remains niche. Early discussions on stability mechanisms highlight risks like depegging. 2016: Stablecoins see limited adoption amid broader crypto growth. Tether expands its use cases in trading pairs. 2017: The crypto boom increases demand for stable assets. Tether's market cap grows significantly, but controversies arise over reserve transparency. 2018: Major launches include USD Coin (USDC) by Circle and Cinbase in September, backed by USD reserves and audited for transparency. True-USD (TUSD) and Paxos- Standard (PAX) also debut, emphasizing regulatory compliance. Ge-mini Dollar (GUSD) launches as the first regulated stablecoin. Market cap surpasses $2 billion amid the crypto winter. 2019: Dai (DAI) from MakerDAO gains prominence as a decentralized, crypto-collateralized stablecoin on Ethereum. B USD (B-USD) launches in partnership with Paxos. Total market cap reaches around $5 billion. Regulatory scrutiny increases, with concerns over systemic risks. 2020: Explosive growth during the DeFi boom; stablecoins become essential for liquidity in decentralized finance. USDT and USDC dominate, with market cap exceeding $20 billion by year-end. Algorithmic stablecoins like Ample-forth experiment with supply adjustments. 2021: Stablecoin market cap surges to over $100 billion. Ethena USDe (USDe) prototypes emerge. Regulatory proposals in the US and EU focus on oversight. Tether settles with regulators over reserve claims. 2022: The TerraUSD (UST) collapse in May causes a major depegging event, wiping out $40 billion and shaking confidence in algorithmic models. Despite this, fiat-backed stablecoins like USDC grow. Market cap dips but recovers to around $130 billion. 2023: Focus on regulation; the EU's MiCA framework is drafted for stablecoins. USDC briefly depegs due to Silicon Valley Bank exposure but recovers. Py-Pal launches PYUSD. Market cap stabilizes around $120-140 billion. Depegging events highlight risks in governance and reserves. 2024: Stablecoin adoption accelerates with institutional involvement. Tether reports record profits ($13 billion). BlackRock and other firms tokenize assets backing stablecoins. Market cap climbs to $180 billion. Solana sees rapid stablecoin growth due to low fees. 2025 (up to September 13): Stablecoin market cap reaches approximately $250-275 billion, driven by cross-border payments and DeFi. Ethereum and Solana lead growth, with $17 billion and over $1 billion added respectively. Regulatory advancements like the US GENIUS Act and EU MiCA implementation boost confidence. Projections suggest growth to $3 trillion in coming years. New entrants like bank-issued stablecoins emerge, with focus on tokenized cash. This timeline reflects key events; the sector has seen over 334 peg attempts historically, with varying success. Which Chain Has How Much Share in Stablecoins (e.g., Ethereum, Solana). As of mid-2025, the total stablecoin supply is around $250-275 billion. Ethereum dominates due to its established DeFi ecosystem, security, and liquidity. Here's a breakdown of market shares by major blockchains: Ethereum: Approximately 65.4% of total stablecoin supply (~$165-180 billion). It hosts major stablecoins like USDT, USDC, and DAI, benefiting from high TVL (total value locked) and institutional adoption. Recent growth: +$17 billion in supply. Solana: Around 5.4% (~$13-15 billion), up from 1.6% in prior years. Known for high-speed transactions and low fees, it has seen over $1 billion in growth, primarily in USDT and USDC. It's the second-fastest growing chain for stablecoins. Other Chains: Base (Ethereum Layer 2): 5.6% (~$14 billion); Arbitrum: ~3-4%; BNB Chain: ~3%; Tron: Significant for USDT (~20-25% of USDT supply, but overall chain share ~10-15%); Polygon, Optimism, and Avalanche: Smaller shares (1-2% each). Solana's ratio to Ethereum in circulating supply is growing but still trails significantly. Ethereum's lead is due to its maturity, while Solana gains from efficiency. Stablecoin Role in Building Economies in the Future Stablecoins are poised to play a transformative role in future economies, particularly in emerging markets and global finance: Cross-Border Payments and Remittances: They enable faster, cheaper international transfers (e.g., near-instant settlements at low costs), reducing reliance on traditional systems like SWIFT. This could boost economic inclusion in regions with high remittance fees. Wealth Preservation and Financial Access: In volatile economies, they act as a hedge against inflation or currency devaluation, providing unbanked populations access to stable assets via mobile wallets. Tokenized Assets and DeFi: As "tokenized cash," they facilitate efficient capital markets, enabling 24/7 trading, programmable money, and integration with CBDCs (central bank digital currencies). Projections suggest they could minimize adverse economic outcomes by enhancing monetary resilience. Broader Economic Integration: They could serve subsidiary roles in next-gen monetary systems, supporting merchant adoption and reducing payment frictions, potentially reaching $3 trillion in market cap. Risks include regulatory gaps and illicit use, but with proper oversight, they could democratize finance. Stablecoin Impact in the Crypto Industry. Stablecoins have profoundly shaped the crypto industry: Liquidity and Trading Backbone: They serve as entry/exit ramps for crypto trading, enabling stable pairs without fiat conversions. Over 90% of crypto trades involve stablecoins, reducing volatility exposure. DeFi Growth: Essential for lending, borrowing, and yield farming; they've driven DeFi TVL to trillions by providing stable collateral. Payments Transformation: Enabling instant, low-cost transactions, they've processed billions in volume, challenging traditional networks like credit cards. Risks and Shocks: Depeggings (e.g., Terra) have caused market disruptions, fire sales, and contagion, highlighting needs for better regulation. Overall, they've bridged tradfi and crypto, with adoption growing 28% YoY. Which Giant Corporations Have Major Stakes in Stablecoins and What Chains They Use. Several corporations hold significant stakes, often through issuance, backing, or investment: BlackRock: Manages the $2.9 billion BUIDL tokenized money market fund, used as collateral for stablecoins and derivatives. Primarily on Ethereum, but expanded to Solana in 2025 via partnerships like Securitize. It's backing new stablecoins like those from Frax Finance. BlackRock views stablecoins as here to stay, with $250 billion adoption since 2020. Tether Holdings: Issues USDT ($120+ billion market cap), the largest stablecoin. Primarily on Tron and Ethereum; 2024 profits reached $13 billion, rivaling BlackRock's. Circle: Issues USDC (~$35 billion), on Ethereum, Solana, and others. Focuses on compliance. Paxos: Issues B-USD and P-AX, on Ethereum; partners with Bnce. JPMorgan: Issues JPM Coin (stablecoin-like), on its Onyx blockchain (Ethereum-based). PayPal: Issues PY-

Money is undergoing one of the most profound transformations in history. For centuries, currency has evolved from metal coins to paper notes, from bank deposits to digital payments. Today, we are entering a new era defined by stablecoins, central bank digital currencies (CBDCs), and tokenized deposits. Each of these innovations promises efficiency, accessibility, and modernization—but they also raise pressing questions about financial stability, regulation, and trust. $USDC $USDS Stablecoins: Bridging Traditional and Digital Finance Stablecoins are digital assets pegged to traditional currencies or commodities. Their appeal lies in the promise of stability combined with the speed and borderless nature of cryptocurrencies. Stablecoins have become central to digital asset markets, serving as mediums of exchange and stores of value. Yet, their stability depends on the robustness of their backing reserves and the transparency of issuers—concerns that regulators worldwide are keen to address. CBDCs: Public Money for the Digital Age Central Bank Digital Currencies (CBDCs) represent state-backed digital cash. Unlike private stablecoins, CBDCs are designed to be risk-free, providing the same level of trust as traditional fiat. They could enhance financial inclusion, reduce transaction costs, and improve the efficiency of cross-border payments. However, their introduction raises complex questions: Should central banks compete with private banks in providing digital money? How can privacy be preserved while ensuring financial integrity? What impact would CBDCs have on monetary policy and banking stability? Tokenized Deposits: Innovation Within the Banking System Tokenized deposits are a way for banks to modernize money without fully reinventing it. They are essentially digital representations of bank deposits that can move across blockchain networks. This approach leverages existing trust in banks while enabling programmability and efficiency. The challenge lies in ensuring interoperability across platforms and aligning with regulatory frameworks. Can Innovation and Stability Coexist? The rapid rise of new forms of money presents a paradox: innovation thrives on experimentation and flexibility, while financial stability requires trust, oversight, and predictability. Finding the right balance will be key. Policymakers, technologists, and financial institutions must collaborate to ensure that innovation does not come at the expense of trust and security. As Tommaso Mancini-Griffoli of the IMF highlights, the debate over the future of money is not just technical—it is also philosophical and societal. At stake is not only the design of new payment systems but the very foundation of trust that underpins modern economies. The Road Ahead The money of tomorrow will likely be a hybrid system where CBDCs, stablecoins, and tokenized deposits coexist, each serving unique roles. Regulation will need to be forward-looking, striking a careful balance between encouraging innovation and safeguarding stability. Ultimately, the dialogue around money is not merely about technology—it is about trust, inclusion, and resilience. As societies navigate this transformation, the question is not whether money will change, but how we will guide that change to benefit people everywhere.

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