S&P Global Ratings projects euro stablecoin supply could reach €1.1 trillion by 2030 in an upper-bound scenario (baseline: €570B). That would represent 4.2% of eurozone overnight bank deposits. The key driver? Tokenized capital markets (~€500B), followed by payments (~€100B). Critically, S&P points to MiCA as the catalyst enabling institutional adoption. Since our MiCA launch in July 2024, EURC has grown ~10x and now holds >50% euro stablecoin market share.(Patrick Hansen)