When the ECB warns about stablecoins, pay attention. Cipollone says their growth could erode bank deposits. That means money moving from traditional banks into tokenized dollars and euro-backed assets. Deposits are cheap funding for banks. If they migrate onchain, banks face higher funding costs or reduced lending capacity. Less stable deposits = tighter credit conditions over time. The digital euro is not just innovation. It is a strategic defense to keep banks at the center of payments while preventing Big Tech or crypto rails from owning the deposit layer. This isn’t about vibes. It’s about who controls liquidity in the next cycle. Others want clicks or to sell you something. I deliver unfiltered market alpha. If you are not following, you are behind 📈