This chart illustrates Ethereum's absolute dominance in the stablecoin liquidity sector—with a net supply growth of $10.3 billion over the past month. It's not just a simple 'Ethereum wins again.' It's a trend showing the solidification of the crypto capital structure: Institutions and large-scale USD capital are voting for Ethereum's security and maturity, while other chains are playing guerrilla warfare in niche tracks (speed/low fees/retail/non-compliance).