Inside Ethereum’s hidden liquidity imbalance that can break its economic model

• Ethereum is facing a growing structural challenge that few are openly discussing. 
• Who really sets the rules when the money isn’t native?

Ethereum [ETH] is currently the backbone for a massive chunk of crypto’s financial activity. 

Right now, there’s over $127 billion in stablecoins sitting on the network, with Tether [USDT] making up more than 50% of that. That’s real, on-chain liquidity being put to work across DeFi, staking, and yield farming.

But a closer look reveals a growing disconnect.

The stablecoin layer is growing much faster than ETH’s own market value. If this imbalance continues, could Ethereum fail to uphold the decentralization it was originally designed to guarantee?