Certainly if one was trying to build a bullish narrative based on multiple points of information this would be one of them. After all stablecoins are connected to all other cryptocurrencies directly through exchanges. I just think it's weird that so many people are paying attention to this one particular metric without fully understanding the context of adoption through regulation.

I'm also certain that one day someone is going to invent an algo stable coin that is superior to fiat, and that eventually all these banks and corporations piggybacking off of USD/treasuries are going to get railroaded by an asset that came out of nowhere. Alas such an asset has yet to materialize and could take 20 years before it does.