The rapid growth of stablecoins as well as international initiatives to regulate them have prompted many sceptics to reconsider their benefits and acceptance. Where rejection and resistance once prevailed, the focus is now on rules for issuing and using stablecoins in a legally secure manner. The view that stablecoins are here to stay appears to be gaining traction, as shown by a number of projects from traditional financial market players. For example, SWIFT, the global network used by banks for international payments, wants to create a blockchain-based infrastructure or “shared ledger” to transfer tokenised assets internationally.