DeFiLlama has Ethereum at roughly $156B in stablecoins and $82B TVL before you even add Base/Arbitrum; Tempo’s public stablecoin footprint is still around $30M. Corporate L1s can subsidize distribution, KYC, and fee predictability, but every issuer-specific chain recreates the liquidity-island problem banks already had with private ledgers. If ETH L1/L2 keeps shared settlement credible while wallets abstract gas and bridging, the Linux analogy lands as the default integration surface rather than CT mythology.

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