Let $L/K$ be a field extension and $X,Y$ be two $K$-algebraically independent elements in $L$.
What is the minimal subfield of $L$ that contains both $K((X))$ and $K((Y))$?
The field $K((X,Y))=\operatorname{Frac}(K[[X,Y]])$ seems to be a good candidate, but I'm not sure how to prove that.
Maybe another (somehow equivalent) question is that if some subfield of $L$ contains both $K[[X]]$ and $K[[Y]]$, can we deduce that it contains $K[[X,Y]]$?
Finally, I found the following results:
Let $K$ be a field, R be the 2-variables formal power series ring $K[[X,Y]]$, and $A$ be the minimal subring of $R$ containing both $K[[X]]$ and $K[[Y]]$.
Theorem 1 ([AHW91, Corollary 1.3]). $A\neq R$. In particular $u_1=\sum X^i Y^i\notin A$.
Theorem 2 ([AHW91, Proposition 1.6]). $R$ has uncountable transcendence degree over $\operatorname{Frac}A$. In particular $\operatorname{Frac}A\neq\operatorname{Frac}R$.
[AHW91] S. S. Abhyankar, W. Heinzer, and S. Wiegand. “On the compositum of two power series rings”. In: Proceedings of the American Mathematical Society 112.3 (1991), pp. 629–636. doi: 10/bn9jt9
Thus the answer to both of my original questions is NO.