Recently, a major exchange announced the launch of United Stables ($U) and also opened zero-fee trading activities. The initial reaction was straightforward—another stablecoin?

But after a deeper understanding, it became clear that the logic here is actually completely different. If you simply consider $U as a competitor to $USDT or $USDC, then the approach from the start is misguided. The stablecoin track has already evolved into a differentiation stage; not all stablecoins are vying for the same position. $U's positioning is more oriented towards specific application scenarios and ecosystem needs, rather than directly competing with existing payment stablecoins. This reflects the market's genuine demand for diversified stablecoin tools—different chains, different DeFi ecosystems, different user needs—fundamentally requiring adaptable solutions rather than a single answer.