Stablecoin, a special class of cryptocurrency designed to maintain a stable value, is believed to share many similarities tothe U.S. dollar (dollar below). Nowadays, major stablecoins are denominated in the dollar to enhance their acceptance worldwide.1 In fact, stablecoin has shown growing popularity since 2019. For instance, in America, the well-regulated dollar-peggedstablecoin (stablecoin below) is regarded as a useful, efficient, consumer-serving part of the financial system,2 which is believed to be a good substitute for the dollar. Consequently, the U.S. government is also considering adopting well-regulated stablecoins and canceling out the need for a U.S. dollar CBDC (Central bank digital currency).3