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Economic Viewpoint

US Dollar Stablecoins: The Updated State of Play

March 17, 2026
Mirza Shaheryar Baig, Foreign Exchange Strategist • Oskar Stone, Macro Strategy Associate

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.

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US Dollar Stablecoins: The Updated State of Play (PDF, 1.98 MB)
NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.