The Bitcoin ecosystem needs a truly innovative and easy-to-use stablecoin! 》 Bitcoin now needs to solve this important proposition: how to turn Bitcoin into an interest-bearing asset? 1. Stablecoins are the biggest variable in the Bitcoin ecosystem! The first is that it can reshape the functional positioning of Bitcoin: Bitcoin's high volatility makes it more suitable for long-term holding rather than daily payments. Stablecoins are collateralized by Bitcoin and pegged to the U.S. dollar, providing price stability and enabling users to convert BTC into assets that can be used for payments, lending, or DeFi without having to sell them. Stablecoins transform Bitcoin from a single asset to an anchor in the financial ecosystem. The second is that user behavior can be changed: Bitcoin holders mostly adhere to the HODL concept and are reluctant to sell BTC for liquidity. Stablecoins allow users to obtain USD stablecoins by staking BTC to meet consumption or investment needs while retaining the long-term growth potential of BTC. Stablecoins incentivize users to shift from "passive holding" to "active participation", expanding the user base of the Bitcoin ecosystem. There is also the possibility of extending the eco-economic model: DeFi applications in the Bitcoin ecosystem (such as lending, liquidity mining) are limited by the volatility of BTC. Stablecoins provide a stable medium of exchange, enhancing the usability of Bitcoin assets in DeFi. Stablecoins can transform the Bitcoin ecosystem from a "single asset-driven" to a "diversified financial ecosystem", similar to the DeFi boom that the Ethereum ecosystem has achieved through DAI and USDC. 2. What are the Bitcoin ecological dollar stablecoins worth paying attention to? Many projects have made attempts before, but the core problems are the stability and liquidation risk caused by high-volatility collateral, the opaque security of cross-chain bridges, the lack of clarity on the benefits and governance mechanisms, and the lack of ecosystem integration and user positioning. These issues limit the large-scale adoption of stablecoins in the Bitcoin ecosystem. The MUSD of the new player Mezo @MezoNetwork has overcome the problems of DAII through mature technology, clear positioning and low-cost strategy, and is a dark horse that has been killed so far. The three core questions of the Bitcoin ecological stablecoin are: Where does the revenue come from? How to keep the value of stablecoins stable? How do you guarantee the security of Bitcoin? Let's take a look at how Mezo solves the problem: (1) Where does the revenue come from? Mezo's earnings are primarily derived from loan interest, liquidation penalties, minting/transaction fees, and the potential appreciation of the MATS points system (airdrop expectations). Low interest rates and integral incentives attract user growth, while clearing penalties and transaction fees provide a steady stream of revenue in a highly volatile market. In the future, Mezo can further diversify its revenue streams by optimizing its fee structure and governance mechanism. (2) How to keep the value of stablecoins stable? Designed to be pegged 1:1 to the U.S. dollar, MUSD relies on a combination of overcollateralization, dynamic adjustment, and liquidation mechanisms for its value stability, borrowing from MakerDAO's DAI model, but focusing on Bitcoin assets. The single collateral design fits the Bitcoin ecosystem, but needs to deal with the risk of price fluctuations. Mezo can further enhance stability by optimizing oracles and liquidation mechanisms, as well as expanding MUSD use cases. (3) How to ensure the security of Bitcoin? Mezo's core assets are user-deposited Bitcoin (including BTC, tBTC, WBTC, etc.), and its security relies on the robustness of smart contracts, cross-chain bridges, and protocol governance. Thesis's technical background and transparent operations add to it, but cross-chain bridges and oracles are still potential risk points. Mezo can further strengthen security through insurance mechanisms and community governance. 3. To sum up The US dollar stablecoin market in the Bitcoin ecosystem is currently represented by MUSD (Mezo), and other stablecoins that are explicitly collateralized by Bitcoin and pegged to the US dollar are almost non-existent. MUSD fills the gap in the Bitcoin ecosystem as a USD stablecoin and accurately captures the behavioral shift of Bitcoin holders from HODL to financialization in 2025. If MUSD can make breakthroughs in payment scenarios (such as cross-border remittances) and security, it is likely to become a "decentralized bank" in the Bitcoin ecosystem and promote the further development of the Bitcoin ecosystem. We can keep an eye on it.