$304B Stablecoins… and Still Under 4% of Global Cash

$304B in stablecoins onchain. Sounds massive – until you zoom out.
vs. Global M2 ($100T): 0.3% penetration, 329x upside
vs. US M2 ($22T): 1.38% penetration, 72x upside
vs. Global cash/M0 ($8T): 3.8% penetration, 26x upside
Even against the smallest benchmark, stablecoins haven't even scratched 4%.
The product-market fit is proven.
The headroom is STILL enormous.

Source: https://x.com/LeonWaidmann/status/2046840439035011559