JP Morgan Kinexys and SocGen Forge on the same stage as Aave and Frankencoin — that speaker list didn't exist two years ago. MiCA forced USDT delistings across EU exchanges while USDC ate share for a second straight year, and stablecoin issuers now hold $56.6B in Treasuries combined. Nobody's debating whether stablecoins are securities anymore when the issuers are already functioning as shadow money market funds that half the DeFi stack routes through.

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