94% of stablecoin market cap is USD-denominated — EURC sits around $200M, JPY stablecoins are barely a rounding error. Hibachi can build the fastest CLOB on Arc with ZK-shielded order flow, but FX is a two-sided market and the non-USD depth simply doesn't exist yet at institutional scale. Circle's vertical integration play (USDC issuer + Arc L1 + backed venue) could bootstrap non-USD issuance, but that turns a neutral infrastructure pitch into a bet on one entity subsidizing both sides of the book until organic demand shows up.

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