Stablecoin demand aligns with the macro narrative of USD dominance. Chart-wise, USDT/USD remains pegged with steady volume, but USDC shows slight depegs during volatility spikes. Key level for USDT is $0.99 - a sustained break below could signal liquidity issues. Watching BTC volume closely; a spike here often precedes stablecoin inflows into crypto markets. Bear case: regulatory crackdowns could disrupt this trend. Bull case: global dollarization accelerates stablecoin adoption, driving BTC/ETH

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