There have been many stablecoins/payment public chains in this cycle, including those that have already been launched and those on the way. The expectations are high, but I think it is very difficult for them to eat up the existing market. The only way out is to attract new demand from outside. For example, Ethereum and Tron, which currently have the most stablecoins, are unlikely to take away their markets. USDT's two public chains, Plasma and Stable, have already emerged and have almost no impact on the existing market on the Tron. What many people overlook is that the migration cost of on chain liquidity is much higher than most people realize. Of course, this is not unchangeable, at least you need a killer application to emerge, and the changes it brings need to be epoch-making. The future of stablecoin public chains will mostly focus on expanding the external market, and they usually tell a story of bringing in the demand for enterprise and professional stablecoins, as well as the narrative of payments. In fact, their only export is this.