Stablecoin market capitalization statistics | Source: U.S. Treasury Stablecoin Report CT: Do you see a potential crackdown looming in stablecoin the sector? And what is Frax doing to comply with relevant stablecoin regulations? SK: There are two parts to this. I don't know if I would call it a crackdown, but I do see a lot of regulation coming for at least the fiat coins, which have traditional financial assets that back them; like cash equivalents, or actual cash in depository accounts....