⚡️The transfer volume of stablecoins on Ethereum surpassed 8 trillion USD in Q4, setting a new record—

It's quite amazing that this achievement occurred during a period like 1011, which is not a bullish market: no crazy market frenzy, no altcoin celebrations, but funds are flowing rapidly on-chain.

I think this clearly indicates—

The narrative of stablecoins has already decoupled from speculative market trends.

It aligns more closely with a real-world demand, and is definitely replacing some of the settlement and transfer functions of traditional financial systems.

What’s a bit strange is that this growth hasn't significantly spilled over into L2 solutions, remaining entirely concentrated on the Ethereum mainnet.

This also seems to reflect a current failure of L2 as a settlement layer:

When the scale of funds becomes large enough, market participants don't prioritize cheap and cost-effective options, but rather those with the clearest responsibilities and the lowest failure costs.

In these aspects, $ETH remains the only consensus!