I don't think it's a useful indicator to see which chain stablecoins are deployed on now. The right to deploy stablecoins has never been scarce. Just like how BlackRock first deployed BUIDL, the market was initially excited about which chain it favored, but eventually found that as long as there was someone's chain, it would basically deploy it. The fact is that institutions only need users, which may serve as a boundary between live and ghost chains, but it is definitely not the main indicator for evaluating a public chain. We need to go further and deploy on this chain to see if there is sustained volume and real trading activity. This is a long-term effective observation indicator. USDC has been deployed on more than 30 chains, but the actual number of useful ones is well known to the market. The issuance volume will only be concentrated on a few chains with economic activities and users. The data of USDT will be more intuitive. The issuance of USDT on Tron is close to 90 billion US dollars, while on Ethereum it is close to 80 billion US dollars. After Plasma went live, only a tiny hair, 1 billion US dollars, was taken away. If we talk about deployment rights, from the perspective of institutions, no chain is as good as winding one's own chain (whether one can make it or not, there are risks), but if there are a large number of users on a chain, institutions will go there, which is scarce and also the greatest value for institutions to adopt existing public chains.