Stablecoins, digital currencies pegged to stable assets like the US dollar, are increasingly disrupting traditional payment networks, particularly in cross-border transactions and payment interoperability. With around $200 billion in circulation, they are gaining traction as a new form of digital dollar. A recent report by Squads Research highlights their potential to change how money moves, while a thread by Mark Lurie explains their mechanics. However, not all stablecoins are the same, with some being backed by strategies rather than traditional assets, introducing complexities and risks into the financial ecosystem.