When discussing a certain leading lending protocol, most people think of RWA and lending functions. But the two stablecoins they issue—lisUSD and USD1—are actually the underestimated cards.

Why is that? First, it's about yield support. The stablecoins on the market come in many forms—either purely algorithmic or stuck with a single collateral. But these two are different. They are backed by real cash-flow-generating assets—such as staked BNB, government bond certificates, and other interest-bearing assets. The protocol earns a portion of the income, which is used to buy back and support the coin's price or directly distributed to holders. In other words, this is not just a simple peg mechanism but a stablecoin with intrinsic value support.

Second, the ecosystem demand is solid. Why do users borrow these stablecoins? The core purpose is to use them—such as mining on other platforms, trading, or liquidity mining. Within the lending protocol, extremely low borrowing rates (below 1%) make lending costs almost negligible, encouraging more people to lend and actively use them. The demand is not generated out of thin air but naturally evolves within a vibrant financial scene.

Most importantly, the potential for multi-chain expansion. Looking at the 2026 roadmap, the Stableswap Hub will extend to Ethereum. What does this mean? It indicates that these two stablecoins are becoming bridges for cross-chain liquidity. Once successful, they will no longer be just tools on a single chain but foundational infrastructure across multiple chains. Liquidity and application scenarios can grow exponentially.

Currently, the market's perception is somewhat one-sided, viewing them as "lending tools within a certain protocol." But don't rush—soon, you might see /USD1 as a mainstream trading pair on an Ethereum DEX, or a new lending platform might list it as a prioritized collateral. The competition among stablecoins has long gone beyond simple size comparison. The future is about ecosystem utility and the depth of yield integration. The reason why a protocol's stablecoin can stand out is because it has both native yield-generating properties and is rooted in a sufficiently active application ecosystem.