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Recently asset-backed stablecoins like USDC from highly regulated US organizations (Circle, Coinbase) have emerged that allow stable asset transfer over Ethereum[0]. If ETH is seen only as an asset to pay for computation, then other assets like USDC can be used as value transfer.

[0] https://www.circle.com/en/usdc

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Even though they are highly regulated, you're still taking a credit risk against the organization, not the US Government. The government can create new money to service its debts, where Circle/Coinbase might go out of business.

If I want to buy computation, I can buy compute time on AWS/GCE/Azure for orders of magnitude cheaper then I can on the ETH network.

Asset transfer is a better case, but why not use quite literally any other cryptocurrency for that, instead?

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