Regarding the release of exclusive chains for Strip, Circle, and Tether, let's discuss two perspectives: 1) The impact on Ethereum layer 2: Layers 2 are all striving to inherit the security of the main network more securely, but they overlook the fact that the core requirements of major clients such as Strip, Circle, Tether, which can truly bring Mass Adoption development opportunities to L2s, are not decentralized security, but full stack control from minting to settlement. Moreover, the commercial benefits of Sequencer's income, MEV, and gas fees, which can be fully pocketed by oneself, make no sense to share the L2 pie. More importantly, when regulatory inquiries or urgent compliance issues arise, creating a dedicated chain can clearly meet TradFi's risk control requirements more quickly and efficiently. So this is definitely another blow to the Ethereum layer 2 strategy. L2 originally hoped to introduce real users and trading volume through stablecoins and RWA assets, but these asset issuers directly bypassed them. And ironically, it seems that the more "orthodox" L2 is technically, the less attractive it is commercially, because these technological innovations seem to solve the concerns of the Ethereum community, but are not pain points for stablecoin issuers; 2) Impact on the Ethereum mainnet: The impact on the Ethereum mainnet depends on the perspective. In my opinion, stablecoin giants are actually doing efficient payment and settlement layers by establishing dedicated chains, which precisely confirms Ethereum's position as the global financial settlement layer. These dedicated chains can indeed optimize the throughput and latency of peer-to-peer payments, but they lack true interoperability. The atomicity and composability required for complex financial operations across assets can only be achieved in Ethereum's unified state machine. The key is that innovation in the DeFi derivatives market relies on unlicensed liquidity aggregation. For example, Uniswap V4's Hook mechanism, Aave's cross pool risk management, GMX's synthetic asset model, and so on all require access to multi-source liquidity, which obviously cannot generate synergies on closed stablecoin chains and naturally cannot unleash the innovative charm of DeFi infrastructure. Therefore, Ethereum will ultimately play a dual role: as a neutral settlement layer between these proprietary chains (similar to SWIFT's clearing function), and as the foundational layer for DeFi innovation (providing composability for complex financial products).