Anyone who has dabbled in decentralised finance (DeFi) for even a short while would be aware of the importance of stablecoins – cryptocurrencies whose value is pegged to another asset, often fiat currency such as the US dollar. In a market like crypto where large price swings are the norm, stablecoins provide some semblance of sanity for market participants, serving as a relatively stable medium of exchange for other volatile crypto assets, or as an on-chain store of value, especially during risk-off periods.