Regarding ETH's value capture, Gas fees, and the blockchain itself, everyone has already discussed a lot. But there's a more worth pondering question—if the US dollar system begins to migrate on-chain, what will Ethereum become?

**The Offshore US Dollar System Is Much Larger Than You Think**

The global offshore US dollar market exceeds $10 trillion, and that's not a secret figure. Just look at where it is: cross-border trade settlements, US dollar reserves in emerging markets, overseas cash pools of multinational corporations, plus the financial activities that truly exist in the gray areas.

This massive system has a common flaw—long settlement cycles, high intermediary costs, rigid processes, and reliance on a bunch of financial intermediaries. In other words, extremely low efficiency.

**Stablecoins Reshape the US Dollar's Operating Model**

Many people see stablecoins as "cryptocurrency innovation," but that's not the core. What stablecoins are really doing is giving the US dollar a brand-new way to be used:

24/7 availability, transfer anytime and anywhere, T+0 settlement, programmable and automated transaction processes. Simply put, turning the US dollar from a "dead asset" in bank accounts into something that can flow, interact, and be combined.

Once this takes shape, the US dollar can no longer just sit in traditional banks.

**On-Chain US Dollar Scale Projection**

Let's make a reasonable assumption: if 50% of the global offshore US dollar eventually moves on-chain, that amounts to about $5 trillion. Breaking it down further, assuming Ethereum and its Layer 2 ecosystem carry 60% of that share—that's a conservative yet credible estimate—this implies an on-chain asset scale of approximately $3 trillion.

Here's the key point: these $3 trillion won't just sit quietly.

**On-Chain Assets Will Inevitably Participate in Financial Activities**

The significance of US dollars on-chain has never been for "static storage." As long as this money is active on the chain, it will naturally participate in various financial activities—lending, trading, derivatives, cross-chain combinations.

This is the nature of capital and the driving force of efficiency. Once the US dollar becomes programmable, tradable 24/7, and capable of automated settlement, it won't be idle. The result will be: a completely new and massive US dollar financial ecosystem will form on-chain.