Italian regulators just handed euro stablecoin holders a golden ticket. EURC conversions face 26% tax compared to 33% for other crypto exits—that's a cool €70k saved per million euros withdrawn. No wonder the market's taking notice. With €367m market cap and transaction volume up 9x this year, a certain stablecoin issuer already controls half the euro stablecoin space. The math is simple: Italian whales now have a structural reason to keep accumulating. Lower tax friction on exits fundamentally changes the holding calculus. It's not just about rates—it's about creating lasting incentives to choose one rails over another. As these policy gaps persist, expect accumulation patterns to follow the tax code.