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In the last few years cryptocurrencies pegged to a reference, mostly the US dollar currently, have arisen and been dubbed “stablecoins”. While they also are currently used primarily by cryptocurrency investors as intermediate stores of value, they clearly are positioning to provide a means of exchange as well. Many in the payments industry are positioning around cryptocurrencies with Paypal and Square already integrating purchases of crypto into their platforms and being awarded patents for use of cryptocurrencies in payments. As an example of the potential global implications, the CEO of Visa recently noted “… to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today”.ssss1 Only time will tell, but we may be on the cusp of retail adoption of private stablecoins. While not yet issued, the spark that lit this fire is Facebook’s Libra, renamed Diem, being marketed as “a simple currency for billions” as it clearly has awakened the staid central bankers to take note of the emergence of cryptocurrencies and kicked them into gear designing their own stablecoins.