Similar substitution patterns appeared when replacing ordinary deposit rates with certificate of deposit rates, and when testing stablecoins supplied to decentralized finance lending platforms.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.