According to @Andre_Dragosch, a new Deutsche Bank report finds that as stablecoins scale in cross-border payments, they will reinforce rather than erode U.S. dollar dominance by entrenching dollar-based payment rails, invoicing, and savings, source: @Andre_Dragosch on X, Sep 16, 2025, summarizing Deutsche Bank report. USD stablecoins already comprise over 98% of total stablecoin market capitalization, highlighting a significant liquidity moat for USDT and USDC that can concentrate trading volumes in USD pairs across crypto markets, source: @Andre_Dragosch on X, Sep 16, 2025, summarizing Deutsche Bank report. The report flags the euro as at risk of being crowded out unless Europe rapidly advances EUR stablecoins and payment infrastructure, while GBP and JPY are less central given their smaller roles in global invoicing and emerging market dollarization, source: @Andre_Dragosch on X, Sep 16, 2025, summarizing Deutsche Bank report. Fragile EM currencies such as the Turkish lira and Argentine peso face heightened capital flight and store-of-value substitution into USD stablecoins, which can shift liquidity and pressure local yields and FX, source: @Andre_Dragosch on X, Sep 16, 2025, summarizing Deutsche Bank report. Trading implications include prioritizing USD liquidity proxies like USDT and USDC on-chain flows, monitoring EUR stablecoin developments and payments rail build-out, and assessing EM FX with weak trust for spillovers into USD-stablecoin demand, source: @Andre_Dragosch on X, Sep 16, 2025, summarizing Deutsche Bank report. The TLDR is stronger USD concentration and potential global capital consolidation into fewer major currencies, which can further centralize crypto market liquidity around USD-stablecoin pairs, source: @Andre_Dragosch on X, Sep 16, 2025, summarizing Deutsche Bank report.