According to Tom Wan's data, over the past year: The supply of Ethereum's native stablecoins decreased by approximately $32.5 billion, reducing its share to 46%. The Ethereum mainnet no longer naturally absorbs most of the incremental growth in the stablecoin market as it once did; instead, it distributes resources across different networks based on their intended use: Tron: Low-cost, large-value USDT transfers and commercial payments; Solana: High-frequency trading, memes, and retail liquidity; Hyperliquid: Trading margin and derivatives settlement; Ethereum: High-value DeFi, asset issuance, and complex contracts. The competition among general-purpose public blockchains is over; the major trend is to perfect a niche business!