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Stablecoins are crypto assets that are backed by a relatively stable asset to minimize the price volatility associated with crypto markets. This class of crypto coins rose to fame as an alternative for accommodating less volatility while trading crypto assets. The most popular crypto-backed stablecoin is DAI; this innovation was launched by MakerDAO and leverages the. Ethereum blockchain to run a decentralized. reserve reserve. Stablecoin supply increased by around 322% in 2020 to hit $24.8 billion from $5.9 billion.