According to Tom Wan's data, in the past year:

The supply of Ethereum ethereum:native stablecoins has decreased by approximately $32.5 billion, with market share dropping to 46%.

The Ethereum mainnet is no longer naturally absorbing the majority of the incremental stablecoin market as it used to; instead, it will be diverted between different networks based on use cases—

Tron: low-cost, large USDT transfers and commercial payments;

Solana: high-frequency trading, memes, and retail liquidity;

Hyperliquid: trading margins and derivatives settlement;

Ethereum: high-value DeFi, asset issuance, and complex contracts.

The competition among general public chains has ended, and the trend is for niche businesses to excel!

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