The narrative of RWA stablecoins on ETH has undergone some changes. Payments and stablecoins are the biggest narrative shifts in this round of Ethereum's rise, as both stablecoin issuers have decided to launch their own chains, leading to an increasing number of financial institutions entering the space, and they are not choosing to operate on ETH.

Strictly speaking, this rise in ETH is entirely driven by capital; there has been no change in Ethereum's fundamentals. The two largest stablecoin issuers, USDC and USDT, are launching their own chains, and the consensus value of ETH may be facing challenges, thus shifting from bullish to bearish.