Ethereum has a trillion dollar problem nobody wants to discuss.

$300 billion market cap securing $1 trillion in stablecoins breaks basic proof of stake economics. pajke called it: the math doesn't work.

Circle and Tether might need to become Ethereum's largest holders just to keep the chain functional. Imagine explaining that dependency to regulators.

Tether alone added $20 billion on Tron this year. JPMorgan sees $500 billion stablecoins by 2028. $ETH market cap isn't keeping pace.

The "decentralized computer" requiring centralized stablecoin companies to prop up its security model wasn't in the whitepaper.