The next stop for stablecoins, Cygnus opens a new era of valuing people and behaviors

1. Circle IPO Ignites a New Cycle for Stablecoins

In June 2025, Circle Internet Group successfully went public in the United States, with its stock price soaring approximately 168% on the first day and accumulating a rise of up to 700% within a few days, reaching a market capitalization of nearly $63 billion, making it the strongest performing crypto stock of the year. This surge highlights the market's strong demand and expectations for compliant stablecoins.

At the same time, USDC itself has also maintained robust growth. As of June 26, the circulating market cap of USDC reached approximately $61.7 billion, with an average daily trading volume exceeding $6.5 billion, firmly ranking seventh in the global crypto asset market cap. The overall stablecoin sector performed strongly, with the total market cap of the top five stablecoins surpassing $250 billion, reaffirming their core position in the digital financial ecosystem.

On the policy front, favorable developments continue: the U.S. officially launched the "GENIUS Act," establishing a regulatory framework for stablecoins; the South Korean government announced the easing of local stablecoin issuance restrictions, and several Asian countries have begun to open up payment and clearing license approvals. The combination of clear regulations and capital support is opening an unprecedented window for stablecoin projects.

Stablecoins are no longer just tools "pegged to $1," but are evolving into a new generation of financial infrastructure that connects traditional financial assets with on-chain economic systems.

Data Source: Coinmetrics

2. Stablecoins Begin to Pursue "Real Yield"

Before the market fully shifted towards the "yield-bearing stablecoin" track, Cygnus had already laid the groundwork.

At that time, Cygnus proposed a hypothesis that was entirely different from the mainstream route: stablecoins should not just be containers for pegged value, but should also become low-risk, composable, on-chain real yield assets. Guided by this concept, Cygnus launched cgUSD—a stablecoin designed based on a daily Rebase mechanism, supporting 1:1 redemption, with underlying yields derived from a combination of U.S. Treasury bills and high-credit on-chain assets, balancing yield, safety, liquidity, and composability. Notably, this path was chosen before the issuance of stablecoins by mainstream projects like Ondo Finance, with Cygnus being the first to implement a stablecoin mechanism supported by "on-chain composability + Treasury yield," opening new avenues for the Real Yield model.

Furthermore, Cygnus collaborated with Pendle to launch the LP yield pool for wcgUSD. Users can freely choose to lock in fixed yield (PT) or seek floating yield (YT), flexibly combining on-chain asset strategies. According to the latest data from Pendle, as of the end of June 2025, the wcgUSD pool's TVL exceeded $35 million, with annualized yields reaching over 12%+, consistently ranking first in the stablecoin track of Pendle's new market, surpassing several leading projects.

From the Rebase mechanism of cgUSD to the high-yield pool on Pendle, Cygnus is truly productizing the narrative of "stability + yield," leading stablecoins into a new era of Real Yield.

3. Beyond "Real," New Opportunities and New Challenges: The Wave of AI Stablecoins

As AI technology continues to permeate Web3, the stablecoin sector has also entered a new narrative cycle—AI-supported stablecoins.

From Maitrix to GAIB and USDAI, a series of projects are attempting to package AI computing power leasing, model invocation fees, or data circulation incentives as the underlying asset logic for stablecoins. These attempts hope to map the value of the AI world into the on-chain financial system, creating a new type of stable asset that is "intelligent and growth-oriented."

However, most AI stablecoin projects generally face the following issues:

• Heavy on AI, light on Crypto, lacking on-chain governance and transparency;
• Poor compatibility with existing DeFi protocols, making it difficult to access liquidity networks;
• The model economy's flywheel heavily relies on internal AI operations, lacking a value anchoring mechanism;
• Lack of governance and liquidation designs to cope with extreme market conditions.

These issues do not stem from AI itself, but rather from the lack of composable, verifiable, and sustainable DeFi soil for these projects. Therefore, despite the novelty of the concept, stablecoins that can truly integrate AI into the on-chain financial system remain scarce.

4. Cygnus's Path: From Instagram Layer to Data Sovereignty Financial Model

Cygnus did not simply chase the AI trend but fundamentally restructured the relationship between AI, social behavior, and finance, proposing a completely new narrative framework: social behavior as assets, actions as credit, and an AI-driven data financial model.

To bridge the gap between Web2 users and on-chain incentive mechanisms, Cygnus first built the world's first Web3 Instagram Layer—InstaPlay. This module natively integrates with the Instagram graph and utilizes Account Abstraction (AA) technology, making users' Instagram accounts their Web3 wallets. This initiates the "Account Fi" model, allowing actions like likes, comments, and content publishing in Web2 to be structurally mapped onto the chain, forming measurable, composable, and collateralizable "behavioral assets."

This not only brings a brand-new on-chain experience but also captures the core value flow issue of the current wave of AI creators—when a large amount of AI content emerges on platforms like Instagram, the true value fails to effectively settle and feedback to the creators and users themselves. Cygnus fills the missing bridge between "content production → user interaction → value feedback" through a collaborative mechanism of AI + Social: binding AI-generated content with user social behavior, and then achieving a sustainable closed loop of mutual benefits for creators and participants through on-chain incentive models.

On this basis, Cygnus has also built a complete Creator Economy flywheel system:

• Creators share content, participate in brand challenges, or initiate tasks within the Cygnus Instagram Layer;
• Users earn behavioral values and token incentives through interaction, and their actions will accumulate as on-chain credit data;
• Brands can initiate on-chain tasks, achieving precise incentives for advertising and creation;
• All social behaviors are settled as structured assets, building a "financial graph."

Cygnus's AI model is not used to predict markets or generate content, but to serve the recognition, structuring, and credit modeling of user behavior. The system automatically generates "behavior scores" from users' on-chain behavior data, social participation, content creation, etc., becoming on-chain credit certificates that can be used for staking, lending, or distributing incentives.

All data belongs to the users, who can freely choose to disclose, authorize, participate in DAO governance, or convert it into economic incentives, truly realizing a personal sovereignty system where "data is assets."

Thus, in Cygnus's financial architecture:

• AI is not a tool for extracting value, but an engine for activating the potential of user data;
• The social behaviors of creators and users are no longer free labor but measurable, monetizable assets;
• Creation and participation form the basis of credit, with the stablecoin cgUSD becoming the core value anchor in this system.

Cygnus is building a next-generation financial network driven by AI content + social participation + on-chain/off-chain real returns, truly shifting value back to the users from the platforms.

Conclusion: The Next Stop for Stablecoins is the Valorization of People and Behavior

The future of stablecoins is no longer limited to pegging fiat currencies, nor is it confined to financial arbitrage structures. With Circle's IPO, global policy implementations, the rise of the AI ecosystem, and the increasing prominence of user behavior value, stablecoins are evolving into core components of a new generation of on-chain value-bearing and incentive distribution mechanisms.

Cygnus has not simply copied traditional paths but has built a longer-term vision based on a model where behavioral data serves as assets, AI drives credit generation, and real yields provide underlying support—through the combination of the Instagram Layer, AccountFi, AI models, and cgUSD, Cygnus is forming a closed-loop "new paradigm of social finance."

Rather than being just a stablecoin project, Cygnus is a Web3 entry infrastructure tailored for Web2 users, and it is also an emerging prototype of a decentralized credit system centered around "people."

The future stablecoins do not belong to banks or centralized enterprises, but to every user willing to share, participate, and create value. Cygnus is laying the foundation for this trend.