I keep looking at USDC and USDT and it’s clear they’ve split the market. USDC is still heavily anchored on Ethereum (~67%) and keeps expanding across Solana and L2s like Arbitrum and Base. That’s very on-chain-native flow: DeFi, funds, structured capital. USDT is different. It’s basically split between Ethereum (~48%) and Tron (~44%), and that Tron dominance tells you everything: CEX liquidity, P2P transfers, emerging markets. Same stablecoin narrative, but completely different users. If you want to understand the market, just follow the chain: ETH + L2s = capital markets layer. Tron = actual usage at scale.