Curve’s native token just tightened the taps. Epoch 5 began this week, slicing new‐issuance from ≈4.36 CRV/sec to ≈3.66 CRV/sec, a ~16 % drop in annual supply. @curvefinance doesn’t wait four years to cut inflation like Bitcoin; it trims about 15 % every August. That math halves circulating growth roughly once every four year cycle. Post-cut, inflation is now ~6 % with 1.37 B $CRV circulating vs a hard cap of 3.03 B. Meanwhile 796 M+ CRV are locked as veCRV for up to 4 yrs, strangling the tradable float. Why should stable-coin maxis care? Curve remains the low-slippage AMM for dollar-pegged assets. Recent examples: • Ethena parked >$196 M USDe liquidity on Curve • Aave’s GHO pairs with crvUSD & USDe pools, growing fast • Tether’s USDtb launched Curve pools last December Every time a stablecoin deepens liquidity, LPs farm CRV, lock it into veCRV, and bribe for more emissions, a flywheel that forces recurring demand for the token itself. veCRV = 50 % of protocol trading fees + voting power over where new CRV flows. Holders literally decide which dollars get the biggest liquidity subsidies. Macro backdrop: the stable-dollar market just crossed ~$180 B and is on track to explode under the new GENIUS Act framework. More dollars on-chain → more Curve volume → richer fee stream to veCRV. Put it together: • Shrinking token emissions 📉 • Illiquid float (4-yr locks) 🗝️ • Reflexive demand from every new stablecoin 🌀 • Direct fee capture + bribes 🏦 Risks: smart-contract exploits, DAO capture, Curve’s own crvUSD ambitions crowding out rivals, and plain crypto beta. Size positions accordingly. ⏎ If you think stablecoin cap goes $180 B → $500 B+ next cycle, owning the toll-booth token every digital dollar crosses is an asymmetric bet worth a look. Not advice, do the research.