Interesting new “Beyond Dollarization” report from @Dune & @Visa on the rise of non-USD stablecoins. Key insight: this is primarily a euro - and EURC - story. A few standout data points: • Non-USD stablecoin transfer volume grew 16x in ~3 years (~$600M → ~$10B/month) • Euro stablecoins now represent 80%+ of market cap • EURC alone drives 90%+ of non-USD activity, with ~$10–$20B in monthly volume Worth a read - link in comments.(Patrick Hansen)