Slowly but surely, stablecoins are emerging as a viable medium of exchange globally. As per a recent report by Circle, the issuer of USD Coin [USDC], transactions worth more than $7 trillion were settled using stablecoins last year. When compared with the combined global settlements of $14 trillion by payment giants Visa and Mastercard, this is a significant milestone. Unlike some of the other volatile cryptocurrencies, stablecoins remain tightly coupled to the underlying fiat currencies, most notably the U.S. Dollar (USD). This unique combination of decentralization and stability in market value has widened the scope of stablecoins in recent years.