It feels like this is a double-edged sword project for them.

If it doesn't work out, they will be left alone with their own network. Cryptocurrency users could still find a new stablecoin to support that uses different networks. I think that's the strength of USDT and USDC, the flexibility of usage in different networks.
If they will continue this, I am not so sure where it will go. So, they are risking a lot here and I do wish they went through deep analysis before they make a big decision.