In the context of a future lacking innovative breakthroughs and the stablecoin market entering a bull run, major stablecoin protocols are taking steps to build their own public chains, essentially migrating the real transaction revenue that originally belonged to Ethereum or other stablecoin public chains into their own ecosystems.

🤔 So, will a situation similar to the L2/L3 splitting of Ethereum happen again after stablecoins start building their own public chains?

The answer seems very likely to be affirmative.

After all, stablecoins are the cornerstone of DeFi, and their migration also signifies the migration of DeFi.

Excerpt from the article on rhythm:

Although Tether's own profits are also exaggerated, they mainly come from interest margin and investment income, unrelated to the trading volume of USDT. For each additional USDT transaction, Tether receives zero direct profit, and all fees go into the pockets of the public chain.

Circle's situation is quite similar. Every transaction of USDC on Ethereum consumes ETH as Gas fees. At the current transaction fee levels of Ethereum, if USDC can reach the transaction scale of USDT, just the transaction fees alone could bring billions of dollars in annual revenue to the Ethereum network. However, as the issuer of USDC, Circle does not earn a single penny from these transactions.

What frustrates these companies even more is that the larger the trading volume, the more missed earnings there are. The monthly trading volume of USDT has grown from several hundred billion dollars in 2023 to over one trillion dollars now, yet Tether's earnings from the trading segment have remained zero.

This pattern of "visible yet unattainable" is the core motivation driving them to build their own public chain.