Cryptocurrencies like bitcoin and Ether are highly volatile. The price of bitcoin, for example, rose from USD 10,000 in October 2020 to USD 60,000 during March 2021. Needless to say, there are many users and investors who require greater stability. Imagine paying USD 30 for dinner today, only to wake up tomorrow to find you paid USD 60, because the value of bitcoin or Ether went up. Small investors are particularly susceptible to feeling the ill-effects of such price swings. In this situation, stablecoins emerged to drive adoption of cryptocurrencies.