I find it funny that $ETH was supposed to benefit from the stablecoin boom:

- It's the settlement chain for stablecoins
- Where the TVL for yield bearing stablecoins live
- Where the infra for hosting stablecoins via DeFi is hosted
But of course, that's not where the value lies for $ETH the token. In fact, ETH was able to capture nothing from all of the above. It's one of the reasons it's traded so poorly, it's just not been able to monetise well of any of the above well enough. That's despite there being 160 billion in stables sitting on ETH mainnet.
Instead, there's another chain that makes $200-250m annualised in real revenue that accrues to 1 token because of stablecoins and not even anywhere near 160b, just a tiny fraction of that at 6b.
It's real USDC value and it comes from pure negotiating power to get the most for them and it's token.
Hyperliquid