Stablecoins are issued on @ethereum , but users spend them elsewhere.

#Ethereum holds 53% of the global stablecoin supply, but only accounts for 12% of the volume of payments made via Crypto Cards.
In contrast, @trondao owns only 27% of the supply but processes 35% of the total payment volume.
This shows that the race is no longer about where stablecoins are issued, but about where users actually use them.
With its advantage in the user network in Asia and the Middle East (MENA), $USDT on Tron is gradually becoming a popular payment infrastructure for Crypto Cards.
#Ethereum remains the liquidity hub. But Tron is leading in its application in real-world payments.
This could be a key trend for the next phase:
Stablecoins are not just store-of-value assets, but are becoming global payment infrastructures.