According to @Andre_Dragosch, stablecoin markets show a clear split between issuance by systemically important stablecoins and issuance by smaller, non-systemic names, highlighting concentration risks. Source: @Andre_Dragosch on X, Nov 10, 2025. Regulators define systemically important or global stablecoin arrangements as those whose disruption could threaten financial stability, making issuance and redemption flows a primary monitoring metric for market risk. Source: Financial Stability Board, High-level recommendations for global stablecoin arrangements (2023). Stablecoins are the dominant quote and settlement asset in crypto trading, so issuance trends materially influence exchange liquidity and price discovery for majors like BTC and ETH. Source: Bank for International Settlements, Quarterly Review on crypto and DeFi (2023); Federal Reserve, Financial Stability Report (2023). Trading takeaway: track net issuance and redemptions from major issuers via public disclosures (e.g., Tether Transparency for USDT and Circle’s USDC attestations) to gauge near-term liquidity conditions and potential basis or funding shifts across BTC and ETH markets. Source: Tether Transparency reports; Circle USDC attestation reports.