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The stablecoin debate is too often framed as a currency contest: euro versus dollar, or USD versus non-USD. That framing is politically intuitive, especially in Europe, but from a market structure perspective, it is incomplete.
Dollar stablecoins are not winning because they are philosophically superior to another. They are winning because one ecosystem is more liquid, more integrated, and easier to scale. As a result, the overall stablecoin market has now grown to more than $300 billion, and it
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