David Hoffman, co-founder of Bankless and a prominent Ethereum evangelist, has sold all his ETH holdings, igniting controversy within the Ethereum community. Hoffman, who once championed the idea of "ETH is Money," now questions Ethereum's role as a global currency. His decision reflects a broader disillusionment among Ethereum idealists who initially believed in Ethereum's potential to challenge the US dollar. Over the years, Ethereum has evolved into a critical infrastructure supporting US dollar stablecoins, with the value of stablecoins on Ethereum surging from $3 billion in 2019 to $163 billion in 2026. This shift has led to "on-chain dollarization," where Ethereum facilitates the global expansion of the US dollar rather than replacing it. Hoffman's departure underscores a growing sentiment that while Ethereum remains a powerful public infrastructure, it may not fulfill its original vision as a global currency.