Consider U.S. dollar stablecoins, which we believe will become ubiquitous payment tools, with companies like PayPal (PYPL), which recently launched its own stablecoin, PYUSD. So far, PYUSD is a small part of the overall stablecoin market, but it is growing very quickly, having increased the total supply in the first 100 or so days to around $150 million in circulating supply (Figure 1).