People - especially on Ethereum love to hype up stablecoins recently, but the hard truth is they generate almost no onchain revenue for the chain beyond just existing. Stablecoin issuers make billions in revenue, yet almost none of it is onchain. It comes from investing and holding reserves offchain. And there’s no crypto-native way to invest in them or participate in that revenue - no token, no DAO, no upside (only a stock). Meanwhile, actual user-generated onchain revenue is down bad: -50% since the start of the year. The charts only look decent when you add stable coin issuers - one of the few sectors still growing (which doesn't do revenue onchain). This whole stablecoin-as-a-win narrative is a recent cope. It’s lazy, especially on ETH where almost every major trend since 2023 has been fumbled.