There have been many stablecoins/payment public chains in this cycle, including those that have already been launched and those on the way. The expectations are high, but I think it is very difficult for them to eat up the existing market. The only way out is to attract new demand from outside. From a historical perspective, even chains like Solana that erupt in a single cycle ecosystem have very limited impact on the stablecoin markets of Ethereum and Tron, while the two public chains of USDT, Plasma and Stable, are even more insignificant. In the future, for top narratives such as Circle Arc and Tempo, what we need to observe is still the ability to undertake and create new demands. This achievement not only raises the ceiling of the project itself, but also raises the upper limit of the entire industry, which is what we can expect. It is also difficult to seize the existing market with low costs and high performance, and the voices that criticize Ethereum and stablecoin businesses are basically unreliable. What many people overlook is that the migration cost of on chain liquidity is much higher than most people realize. Of course, the existing market is not 100% unchangeable. At least you need a killer application to emerge, and the changes it brings need to be epoch-making. The stablecoin public chain usually tells a story of bringing in the demand for enterprise and professional stablecoins, as well as the narrative of payments. In fact, their future exports will only be this.