Looking at how these stablecoin projects operate, it's clear that throwing money around is the key. Ethena, in order to get its token listed on mainstream exchanges, boost TVL, and increase active users, has spent at least $100 million on various activities in the early stages. This USD1 project has made a move; the specific budget is unknown, but assuming there are actually 1 billion dollars in funding, the monthly interest cost alone would be 16.6 million. The project team wants to control the scene by setting a user cap of 50K, but do you really think they can stop those Alpha hunters? That’s hardly realistic. This kind of high-subsidy growth model ultimately depends on whether the market is willing to buy in.