Ethereum will not be hindered by stablecoin issuers building their own chains; instead, it will benefit from the distribution channels of stablecoins. Although stablecoin issuers launch independent chains, such as Circle's Arc, Ethereum will remain the primary hosting chain with advantages in security, decentralization, and network effects. In the stablecoin market, Ethereum holds a dominant position, and its market share continues to grow. In the future, stablecoins, DeFi, and other sectors will all contribute to the development of Ethereum.