Stablecoins , which we define as digital assets used as a medium of exchange and purportedly backed by assets held specifically for this purpose, have grown substantially over the past two years. Their market cap rose from $5.7 billion on December 1, 2019 to $155.6 billion on January 21, 2022. Additionally, once dominated by a single stablecoin Tether (USDT), there are now five stablecoins valued at over $10 billion (as of January 21, 2022; data on stablecoin supply can be found at THE BLOCK)...