Grayscale Ethereum Trust ETF

CRCL

ETHE

COIN

HOOD

CP00079

8. Midstream: Public/Consortium BlockchainsStablecoins rely on blockchain for issuance, public chains profit from transaction fees.Public chains like Ethereum, Solana, TRON earn a share of revenue from stablecoin transactions as users pay miner fees.Commercial Barrier: Current regulations can mandate issuers to use specific public chains, making their position unstable.Stablecoins can be issued across multiple chains. On Binance, USDT can be received via Ethereum, Solana, or BNB. Different chains have different addresses, and once stablecoins are deposited, their chain origin is irrelevant. However, withdrawals require chain selection, intensifying competition among chains.Ethereum, though slower technically, is highly recognized in Western markets;Solana is faster and more popular in Asia. Future regulation of public chains will target issuers indirectly rather than the chains themselves. For example, Hong Kong may require stablecoin issuers to use specific chains for compliance.Public Chain Adoption: Regional preferences already exist. Western users favor Ethereum, while Asian and African users prefer Solana.Exchanges face low technical barriers and cheap fees for chain integration, enabling widespread use. Public chains will become a battleground for sovereign competition.$Coinbase(COIN.US) $Robinhood(HOOD.US) $Circle(CRCL.US) $Digital currency concept(CP00079.US)

Circle

Coinbase

Robinhood

Digital currency concept

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