In the stablecoin space, Lista DAO's USD1 isn't simply "another DAI" but a core component of the BNB ecosystem's financial cycle. Its unique value lies not only in its collateralization mechanism but also in its ability to organize the ecosystem's capital flows. From an industry evolutionary perspective, stablecoin development has gone through three stages: The first stage is centralized stablecoins like USDT and USDC, backed by credit and reserves; The second stage is over-collateralized stablecoins like DAI, which emphasize on-chain transparency; The third stage is native stablecoins deeply tied to specific ecosystems. USD1 exemplifies this stage. One of the biggest issues with the BNB ecosystem is that its capital flows largely rely on external stablecoins. Whether in lending, decentralized exchanges, or derivatives markets, the underlying pegged currency is often USDT or USDC. This places BNB in a passive position within the financial cycle. The emergence of USD1 effectively creates an "internal circulation" for BNB, enabling self-sufficiency of capital within the ecosystem. Compared to MakerDAO's DAI, USD1's innovation lies in its governance's ability to manage risk. Lista can dynamically set debt ceilings, collateral lists, and even interact with external stablecoins through the PSM stablecoin pool. This flexibility makes it more suitable for navigating highly volatile market environments. In the long run, USD1 has the potential to become the "monetary hub" of the BNB ecosystem. It's not just a stablecoin, but also a tool for regulating capital supply and demand and stabilizing systemic risk. For investors, understanding USD1's operating logic is equivalent to understanding the capital flow of the BNB ecosystem. @lista_dao #ListaDAO Leads USD1 On-Chain Liquidity $LISTA