Stablecoins play a crucial role in today's blockchains, bringing liquidity and fostering user adoption, as seen in both L1 and L2. It is therefore extremely important to understand their future development. So far, we have seen competition between centralized and decentralized solutions, but the introduction of new assets, "real world assets" and CBDCs, could reshape this landscape. We will discuss recent product innovations in this area and, based on a competitive economics approach, discuss possible future outcomes. Specifically, this talk will explore three key areas: 1) the current landscape of value transfer using low-volatility assets and the motivations behind such transactions; 2) emerging methods and motivations for value transfer on Ethereum; and 3) an examination of future value transfer mechanisms through the lens of competition economics, considering the evolving roles of stablecoins, CBDCs, and real-world assets.

This presentation explores Ethereum's journey towards sustainability. We'll start by discussing how to measure the environmental impact of blockchains. Then, we'll dive into key milestones in Ethereum's Green Evolution: its beginnings with Proof of Work (PoW), the groundbreaking switch to Proof of Stake (PoS) with 'The Merge', and the recent Dencun upgrade. We'll analyze the extent to which the Dencun upgrade reduces emissions per transaction and explore what the future holds for an even greener Ethereum.