I asked @reginatto from @M0 about stablecoin fragmentation and what the plurality of money actually means. His reframe was sharp: the US has 4,000-5,000 banks, each issuing their own version of the dollar. Nobody calls that fragmentation because we have interoperability technology. Clearing houses, central banks, payment rails. Stablecoins don't have that yet. That's the future M0 is building toward.