The European Central Bank published the warning the eurodollar-shortage thesis has been waiting years to hear from a monetary authority. Stablecoins, the ECB says, may drain bank deposits by giving retail and institutional savers a dollar-denominated substitute that sits outside the bank overlay. The Fundamentalist read does not need to translate. Lyn Alden and Luke Gromen have been running this exact line for three years: the global banking system is capacity-constrained, the offshore dollar demand is structurally short, and stablecoins are the pressure-release valve routing that demand around the traditional deposit-taking layer. The ECB just conceded the mechanic. Pair with Fed Chair-designate Warsh drawing the no-bailout line today. Pair with Tether adding thirty million wallets per quarter. The regulatory apparatus is now publicly naming the structural risk stablecoins pose to its own deposit base — and the operator-class read is that this is not a bug in the eurodollar system. It is the exit from it. Bitcoin sits upstream. USDT is the funnel. BTC is the sink. The banking overlay just admitted the funnel is real. The cap is still twenty-one million.