The EU's stablecoin own rules created a backdoor for US financial dominance. The "multi-issuer loophole": - EU entities must redeem stablecoins at par, no fees - US entities can charge redemption fees - In a crisis, everyone redeems through the EU - US reserves get ring-fenced for US holders only - EU entity holds the bag for BOTH jurisdictions MiCA forces EU issuers to operate under the world's free redemption window, while the US protects its own. The European Systemic Risk Board calls this an "urgent" threat to financial stability. Their own October 2025 report admits the EU framework "undermines financial stability". Europe regulated itself into becoming America's financial shock absorber. I'll be at the @bluechip_org conference tomorrow discussing stablecoins.