This is also one of the reasons why stablecoin issuers want to build their own L1 blockchains. Currently, among the top 5 Gas burners on Ethereum over the past 30 days, two of them are from stablecoin transfers—USDT ranks 3rd, and USDC ranks 5th. However, as stablecoin issuers, they don’t get a single cent from these 'transaction fees.' As we enter a rate-cutting cycle, stablecoins, which rely solely on interest as their only source of income, are bound to see a significant drop in revenue. So, if they can grab a share of the transaction fees—aka Gas—it would open up a new revenue stream.