Stablecoins serve a key role in the crypto ecosystem. They’re a digital expression of a currency, in most cases, the U.S. dollar. But not all stablecoins are created equal.

Increasingly, regulators are wading into stablecoin space.

With the collapse of Terra, regulators across the globe are now in a race, possibly against time. How will this shape the future of stablecoins? What function do stablecoins play in a future digital asset-based financial system? How should banks, financial institutions and investors think about stablecoins as both an asset and a liability?