imo these stablecoin chains are not a threat to ethereum they're a threat to tron ethereum is not the #1 stablecoin chain by a wide margin because it's used by retail in emerging markets if you'd ever used stables for payments you'd know that hardly anyone there uses ethereum for everyday payments it's #1 because of deep DeFi liquidity, yield and security that use case is very sticky tron's moat on payments less so otoh because most people use it via CEX wallets and have no idea they're using Tron under the hood CEX's could easily upend Tron's dominance in a coordinated push with Tether/Circle to plug their own chain