Tokenization technology's first application to find product-market fit (PMF) is stablecoins, which tokenize the simplest and most liquid assets among all assets—cash. The total market capitalization of stablecoins now reaches $158 billion, with Tether (USDT) and USDC leading (Chart 1). Stablecoins come in various forms, but both USDT and USDC can be considered fiat-backed stablecoins. Their operation is similar to other tokenized assets: traditional assets are held by off-chain custodians, while tokenized representations can be held in blockchain wallets. This form of digital cash can then be used for payments, benefiting from blockchain's near-instant settlement, lower costs, and/or the potential to interact with smart contracts.