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.
I think they're taking the risk hoping they would please the regulators in the long run. After all, having their own blockchain will allow them to comply with regulations better. Tether and Circle will be able to control who spends or deposits stablecoins within their own blockchain network. It goes far beyond just "blacklisting" addresses on multiple blockchain networks. The thing is, they could be subject to banking laws and regulations by doing such a move. In other words, more regulatory scrutiny from the US government.
Well, the current administration is pro-crypto, so maybe they won't be as "tough" on them as the previous one. Only time will tell us the fate of these stablecoins. If USDT and USDC fail, another centralized stablecoin will take their place. As simple as that.