According to the source, stablecoins now account for over 1 percent of U.S. M2 money supply, signaling a larger on-chain dollar base that can affect BTC and ETH liquidity, spot volumes, and futures basis. Source: Federal Reserve H.6 statistical release for M2; CoinMarketCap and DeFiLlama for aggregate stablecoin market capitalization. Traders should validate the 1 percent ratio by dividing total stablecoin market cap by the latest M2 and monitor USDT and USDC net issuance as a leading indicator of crypto risk appetite and order-book depth. Source: Tether Transparency; Circle monthly reserve attestations; CoinMarketCap and DeFiLlama. Positioning implications include watching CME Bitcoin and Ether basis, open interest, and funding rates for confirmation when stablecoin float expands, as this has coincided with tighter basis and greater spot depth in prior cycles. Source: CME Group futures data; Kaiko market liquidity metrics.