A Ref Finance Research Series — Introduction & Background The current stablecoin market cap has reached an estimate of $146.41 billion (Oct 23, 2022 CoinmarketCap) and the number continues to grow. By comparison, Bitcoin’s market cap is $375 billion (Oct 23, 2022 CoinmarketCap) and Ethereum’s is $167 Billion (Oct 23, 2022 CoinmarketCap). The global cryptocurrency market cap is $943…