The stablecoin market is getting bigger. That part isn’t new. The more revealing part is where the incremental growth is showing up. > USDT and USDC lost a combined $4.1B in supply during H1. > USD1 added roughly $1B+, making it one of the strongest gainers over the same period. That’s not enough to call a changing of the guard. But it does suggest the stablecoin market is becoming far more competitive. Capital doesn’t rotate without a reason. It usually follows better distribution, stronger utility and broader access. USD1 has spent the first half of the year expanding across exchanges, DeFi integrations and payment infrastructure rather than competing on narrative alone. The headline is a $309B stablecoin market. The bigger takeaway is that growth is no longer flowing almost exclusively to the incumbents. USD1 is proving there’s still meaningful market share to be won if the ecosystem around the stablecoin keeps expanding.