The proliferation of Distributed Ledger Technologies (DLT) has led to the introduction of revolutionary changes to the global financial landscape, offering a platform for a more democratic financial system by eliminating traditional barriers to entry, and lowering transaction costs, while providing transparent, secure, permissionless and accessible financial services. However, the high volatility associated with most digital assets and cryptocurrencies has limited their appeal as reliable means of exchange, trade settlements, remittances or other forms of payments (Schaubhut, 2023). In response to this issue, Stablecoins are devised as a distinct type of cryptocurrency designed to maintain a stable value similar to fiat currencies like the US dollar, or a commodity, like gold (Afeef, 2024). This stability is achieved through various mechanisms, including collateralisation, seigniorage, or algorithmic measures to minimize volatility (Au, et al., 2024).