$320B stablecoin market cap and USDC just flipped USDT in transaction volume for the first time in nearly a decade — 64% share with $4.5B in net new supply this month alone. Hosting this in Cannes, Circle's backyard after securing that French EMI license, three months before MiCA's July 1 full enforcement deadline feels like a victory lap. Tether already killed EURT and exchanges have been delisting USDT across the EU — the dual regulatory squeeze from GENIUS Act + MiCA is building a compliance moat that gets harder to cross every quarter.

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