The Stablecoin Supercycle is just beginning. In the past week alone - USD₮ supply hit $150bn - Anchorage Digital acquired Mountain Protocol - Stripe launched Stablecoin Financial Accounts - Coinbase unveiled x402 Protocol Supply is rapidly growing, nearing $250bn. Adoption seems to be exploding: USD₮ alone has more than 400m users. Yet, despite those impressive metrics, we are genuinely still extremely early. Stablecoin supply is not yet in the trillions: it is only a matter of time before we get there. Yes, total unadjusted stablecoin volume may have surpassed Visa in 2024. But don't get too excited by this milestone: this is only the beginning. The US does not even have a proper regulatory framework yet! Existing use cases remain largely crypto-native for now. But this is changing relatively quickly: stablecoins will eat the world. Yes, TradFi is entering the space but most likely do not yet grasp the full potential of stablecoins and, more importantly, is less agile. Crypto-natives still have the advantage. But expect a tsunami of new entrants: from banks aspiring to issue their own stablecoin to companies racing to control key layers of the stack. Most will fail. Some consolidation will also be inevitable. But this market will become larger than we would have imagined, even in our wildest dreams. The pie will be large. With diverse use cases and distinct user bases, many winners will emerge in that vertical. Believe in something: trillions. cc: @PlasmaFDN