Stablecoins is an industry term that refers to the issuer’s intention to stabilise the value of a crypto-asset relative to a certain asset(s) such as a fiat currency. The name stablecoin does not confirm its stability. 13 Auer, Cornelli and Frost (2020).
11  Figure 5: Payments becoming increasingly digital Selected countries  Cash in circulation (% GDP)  25 JP  20  15 EA  10  SG US AU  5 SE  CA UK  NZ NK  0 0  10  20 30 Value of card payments (% GDP)  40  50  Notes: Arrows denote 2007 – 2018 changes.