Stablecoins are becoming increasingly popular, with 5-8% of US adults and 30% of cryptocurrency holders owning stablecoins. They are also creating a significant demand for US Treasuries. In countries like Argentina and Nigeria, stablecoins are used to protect against inflation, secure money in USD, and facilitate cross-border transactions. For the globally underbanked, stablecoins offer a secure store of value. Policy decisions on stablecoins will shape the future of the digital financial system.