Stablecoins have gained significant attention, especially from traditional financial institutions in India. Bank of America and Standard Chartered are contemplating launching their stablecoins, following the footsteps of JPMorgan, now known as Kinexys Digital Payments. Mastercard is also planning to integrate stablecoins seamlessly with its global payment rails. Visa and NYSE parent Intercontinental Exchange (ICE) have also shown interest in stablecoin consortiums. This surge in stablecoin interest can be attributed to regulatory clarity and acceptance in the United States and Europe. The executive order 14067 by the Trump administration supports the growth of stablecoins pegged to the USD. Despite the abundance of stablecoins, most are pegged to the US dollar, with Tether’s USDT and USDC leading the market. USDe, a relatively new stablecoin, uses derivatives in the crypto market and has gained traction. The stablecoin landscape comprises centralized, decentralized (cryptocurrency-collateralized), and decentralized (uncollateralized) mechanisms. However, stablecoins are not without risks, as seen in the case of Terra, where fraudsters caused a depegging incident. To prevent such instances, regulators should focus on deterring fraudulent activities. The premise of decentralization, akin to Bitcoin’s ideology, could be the future of stablecoins, providing a secure and transparent financial ecosystem.