US Dollar Stablecoins: The Updated State of Play March 17, 2026

For many people, "blockchains" are simply the technology behind Bitcoin. But the pioneers working on early blockchain systems in the 1990s were trying to build a way to timestamp information and transfer value securely, efficiently and without a central intermediary.

The rapid rise of stablecoins has brought that original mission back into focus. Stablecoin adoption is spreading across businesses, payment networks and financial platforms. It appears crypto has finally found a purpose in the real world.

Our earlier primer covered the building blocks. This note provides an update on what you need to know to stay current on the topic. We will limit this discussion to "fiat-backed" stablecoins, i.e., digital tokens that are pegged to fiat currencies, mainly the US dollar.