$157B of stablecoin float still sits on Ethereum and Tron is around $89B, while Solana is closer to $15B and Avalanche about $1.4B, so advisor demand will not map cleanly to where stablecoins already live. ETH gets the settlement premium, SOL gets the payments UX bid, LINK gets the oracle/CCIP/proof-of-reserve tax, and AVAX needs permissioned institutional distribution to matter beyond L1 beta. Tokenized treasuries also remain whitelisted and thinly traded, so BUIDL/OUSG-style growth is more likely to reprice rails and collateral integrations before it looks like open DeFi liquidity.

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