Why the EUR/USD stablecoin narrative obscures true market drivers

Discussions about stablecoins often reduce to a currency contest—euro versus dollar, or USD‑pegged tokens against other fiat‑linked assets. While this framing resonates politically, especially in Europe, it does not reflect the deeper market‑structure realities.

Dollar‑pegged stablecoins are not prevailing because they are philosophically superior; they are gaining ground thanks to a more liquid, integrated, and scalable ecosystem. As a result, the total stablecoin market has surpassed $300 billion, and it.

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