Evening question from Day 4, and my honest answer: I’ve stopped believing in a single mechanism. Does regulation create demand, or filter issuers? With MiCA’s euro data in front of me (ethereum:0x84ca8bc7997272c7cfb4d0cd3d55cd942b3c9419 , Ch. 2), I now see two separate machines running on one rulebook. The filter machine is loud and fast. December 2023: 27% of euro stablecoin supply came from issuers that hold a MiCA licence today. Now 98%. Unlicensed coins went from €195M to about €12M. A four-month delisting window restructured who may issue without moving demand at all: euro coins took 0.3% of new supply in that window, and Kaiko’s euro share of stablecoin trading volume fell from nearly 2% to 0.3% by May 2025. The demand machine is quiet, slow and may not even be a regulation machine. Euro supply is up 54% year-on-year to $790M (19 Oct 2026), but the growth began before the first delisting: licensed coins more than doubled between MiCA’s start and December 2024, then +45% during the window, then +34% in April 2025 a month defined by US tariff headlines, not European rulemaking. Some of what looks like “regulation created demand” is macro wearing a costume. Where I think genuine regulatory demand sits: institutions. A licence is what allows a bank, broker or neobank to touch a stablecoin at all. Qivalis a 37-bank consortium received its Dutch e-money licence on 14 October and expects to issue within months; SG-FORGE, Banking Circle and Crédit Agricole are already in. That channel does not show up in today’s supply figures. It shows up in who is allowed to build. And a licence filters, but does not immunise: StablR, a licensed euro issuer Tether invested in, has suspended EURR issuance and redemption since an incident on 24 May 2026, by its own notices. The filter decides who may operate; it does not guarantee smooth operation. So my current frame: regulation reallocates supply first, and creates demand only secondarily through the institutions it admits. The euro’s real test is not this year’s growth rate. It is whether the bank channel converts permission into usage. Which mechanism dominates in the market you watch and what data would separate regulatory pull from macro push? @DIAdata_org