Binance has officially launched the SPCXUSD1 perpetual contract. From margin requirements and funding rates to profit and loss settlement, the entire process is built around USD1.
Previously, BTC and ETH perpetuals have already run through this model. Now it’s further extending to RWA derivatives related to SpaceX equity, indicating that the usage boundaries of #USD1 continue to expand outward.
It’s clear that USD1 is no longer just a stablecoin meant for depositing, transferring, or earning yield. It’s now starting to truly move into the settlement layer of trading platforms.
From a development perspective, the real competition for stablecoins is likely not just about market cap rankings, but about who can secure more trading and settlement entry points. Being purchasable by users only shows that some people are willing to hold it; but being repeatedly used as margin, for settling P&L, and for paying funding rates is what proves it has truly entered the core business flow.
The more active the trading, the more real the demand generated around USD1 becomes. This demand isn’t propped up by activity subsidies or the number of holders alone—it comes from positions held and the settlement itself.
Let’s rewind to six months ago. When Binance first rolled out USD1 wealth management, there were plenty of doubts in the market, and many users didn’t dare to deposit. But ever since, things have played out steadily, and now it’s true that many users treat it as a cash-management tool when the market isn’t doing well. When you’re too lazy to trade frequently, you just leave it there and earn some wealth-management returns; when you do have trading needs, you can directly move into spot, futures, and RWA products. That keeps capital utilization rate much higher than simply letting it sit in an account.
Of course, it’s still too early to say that USD1 is already fully on par with major stablecoins. What really matters is whether, after the campaigns end, trading depth, settlement demand, and ecosystem use cases can continue to stay.
But from BTC, ETH, to the SpaceX equity-related products now, the path Binance has laid out for USD1 is becoming clearer and clearer: first get users willing to hold it, then get them to actually use it, and finally compete for more assets’ settlement entry points.
If more stocks, equity, and RWA products are brought in later, what USD1 needs to compete for may not just be a top spot among stablecoins anymore. Keep building!