According to a crypto market analyst at Bloomberg Intelligence, Ethereum is poised to win the "upcoming stablecoin wars" due to its ecosystem, including layer-2 projects like Optimism, Base, and Arbitrum. However, the analyst notes that transferring the top stablecoin, Tether, is more expensive on Ethereum than on other networks.

The analyst also acknowledges the possibility of PayPal launching its own layer-2 network in the future. Stablecoin adoption is exploding, and the number of stablecoin users could overtake Bitcoin users in the next three to five years.