EUR M2 is ~$15.5T. Euro stablecoins just crossed ~$1B in supply. That is ~0.006% of the underlying money stock. What this shows... 🔹 Euro stablecoins are still effectively non-existent at a macro level 🔹 Recent growth is visible, but it starts from near zero 🔹 Adoption remains far behind USD stablecoins 🔹 Ethereum hosts the largest share today 🔹 Liquidity across other chains is fragmented 🔹 No dominant euro stablecoin rail yet