Stablecoins are spreading the dollar faster than any financial tech in history. And Ethereum is becoming the financial backbone. For Ethereum’s 10th birthday, we’re publishing our updated @ElectricCapital ETH thesis: Remaking the Case for ETH 🧵 1/

3/ Demand for dollars is exploding Individuals want USD for security: 21% of the world lives w/ >6% inflation Businesses need it to transact For the first time, anyone can hold dollars via stablecoins stablecoins: 60x growth since 2020

4/ But stablecoin users don’t just want to hold digital dollars. They want truly global financial services: → Yield → Lending → Investment → Wealth creation Traditional finance can’t serve this market. Ethereum can.

5/ To meet this demand for truly global financial services, a system must be: – Accessible globally (no geographic gatekeeping) – Safe for institutions (security + regulatory clarity) – Resistant to gov't interference Ethereum delivers all three.

6/ How Ethereum uniquely delivers a global financial system: → Accessible: 24/7, open to anyone with internet → Safe for institutions: 10+ yrs uptime, ETH = commodity, customizable L2 stack, largest DeFi economy → Gov-resistant: no single point of control

7/ Ethereum delivers on all 3 requirements because of its decentralization built over 10 years: → Community-funded PoW launch → 1M+ validators across 100+ countries + client diversity → Largest open source dev ecosystem This level of neutrality is nearly impossible to replicate

8/ Today, Ethereum hosts the world's largest digital financial economy: – $140B+ in stablecoins – $60B+ in DeFi – $7B+ in tokenized real-world assets

9/ ETH is becoming the reserve asset of the onchain dollar economy. Reserve assets are trusted assets used for collateral, savings, & settlement TradFi has US treasuries, usd, gold On Ethereum, it’s ETH: → Scarce → Yield-generating → Deeply integrated → Seizure-resistant