The flow of stablecoins across several major blockchains roughly reflects the nature of market funds: 1. Ethereum: Wealth management and institutional funds, RWA, and DeFi; 2. Tron: Payments, grey market; 3. Solana: Meme; 4. BSC: Retail funds accumulation, Chinese memes; 5. Hyperliquid: Speculation, large-cap U.S. stocks; 6. Base: AI, Coinbase overflow funds. Based on these classifications, it’s clear that market funds are primarily focused on speculation (Hyperliquid) and payments (Tron).