@polynya

Given regulatory acceptance, technically, stablecoins no longer need the strict global consensus property of blockchains. The most efficient way would be for regulated issuers like Tether, Circle etc. to run their own infrastructure with blockchains as an option. It might even be prudent to directly transact with CEXs like Binance, as that's where a lot of consumer use of stablecoins is. However, given Tron and Ethereum (+ L2s) have built network effects over the last decade, it's likely stablecoins will remain a big part of those networks for the foreseeable. Of course, certain unregulated products like USDS or LUSD will continue to require Ethereum, but that's a much smaller niche.

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