Stablecoins have solidified their position as a crucial element in the global crypto and cross-border payment systems, with a total circulation reaching $287 billion as of September 2025. Dominating the market, Tether's USDT holds a 59.6% share, while Circle's USDC accounts for 25%. The emergence of stablecoin-specific blockchains, such as Tether's Plasma and Stable, Circle's Arc, and Ethena's Converge, marks a strategic shift for issuers from value dependency to value capture. These dedicated chains are designed to enhance transaction efficiency, lower fees, and improve compliance, potentially challenging the dominance of traditional public chains like Ethereum and Tron.