This chapter explores the evolving landscape of stablecoins, focusing on the significant yields they offer and the current market dynamics dominated by issuers like Tether and Circle. It discusses innovative models like Agora's community-focused approach, emphasizing the importance of liquidity and user experience for the success of emerging stablecoins. The chapter highlights the potential for stablecoins to reshape financial systems globally while addressing the challenges faced by new entrants in a tough competitive environment.