Ethereum's stablecoin transactions have surged to a record $908 billion, driven by interest from institutions, tech giants, and notable figures such as Donald Trump. This growth has enhanced Ethereum's status as the leading blockchain for dollar-denominated digital assets, fostering increased competition among companies looking to issue or adopt stablecoins.

The article discusses the impending end of the stablecoin duopoly, highlighting the growing competition from new players in the market. It emphasizes the implications for cryptocurrency stability and the broader financial landscape as these developments unfold.