Adding to AB @_FORAB's content, let me share a few more thoughts. Currently, the development of PYUSD and its relationship with the crypto space—or more specifically, with transactional stablecoins—isn't particularly significant. Looking at the trading volume, over 65% of it comes from the PYUSD and USDS trading pair on Curve. Many of you might not be familiar with USDS, but if I say its predecessor is DAI, that should make things clearer. From my perspective, such a large trading volume seems to be driven by stablecoin arbitrage rather than actual utility. Even on the few exchanges that support it, the main trading volume is still between PYUSD and USDT, with even less usage in DeFi applications. PYUSD is primarily focused on payments, specifically on PayPal. However, even in the e-commerce space, PYUSD has yet to become a core offering for PayPal. PayPal's official news mentions that through an open API, PayPal or Shopify merchants can opt to join Kite's Agent App Store, allowing AI shopping agents to discover them. Transactions are settled on-chain using stablecoins. I'm really curious why they wouldn't use the existing PYUSD and instead chose to create something new. After all, PayPal doesn't have strong expertise in stablecoins, and PYUSD itself is issued by Paxos. From all these observations, I don't think Kite will create its own stablecoin. If they actually do, I'd find that more concerning. This post is sponsored by Bitget ｜ @Bitget_zh