New research with @Visa: "Beyond Dollarization" Everyone tracks USD stablecoin supply at $300B. Almost nobody is tracking what's happening in local currencies. We partnered with Visa to go deeper: → Non-USD stablecoin supply grew 3x (outpacing overall stablecoins supply) → Holder addresses: 40K → 1.2M (30x) → Transfer volume: $600M → $10B/mo (16x) → ~80% is payments and treasury flows, not DeFi → Weekend drops that mirror payroll cycles(Dune | We Are Hiring!)