many of the stablecoins may end up on their own L1s for now (likely all of them will be EVM / Ethereum Virtual Machine) but right from the start, for any use outside of their official app logic, they’re gonna end up bridging that value to Ethereum L1 and L2s mostly because that’s where the people who want to transact with each other and use the assets in their own smart contracts will be then the stablecoin L1s will one day become Ethereum L2s this is how it will go study the rise of the Internet in the 1990s if you want to understand Ethereum