$ETHEthereum / US DollarCOINBASE:ETHUSDBlackLine_StrategiesETH — Global Settlement Thesis As trade restrictions, sanctions, and global liquidity pressures increase, the demand for faster and cheaper ways to move capital may continue growing. Ethereum could benefit from this shift because stablecoins like USDC allow dollar-denominated value to move across blockchain networks with relatively low settlement friction. Instead of relying only on traditional banking rails or selling physical reserve assets such as gold to raise dollar liquidity, institutions and countries may increasingly explore regulated digital-dollar infrastructure where legally permitted. If stablecoin usage and blockchain settlement continue expanding, ETH could benefit from higher network activity, demand for blockspace, staking, and collateral use. The key risk is competition: stablecoins can move across multiple networks, so Ethereum must continue capturing meaningful settlement activity for this thesis to strengthen. Educational macro thesis, not financial advice.