The US President’s Working Group on Financial Markets (“PWG”), joined by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, released a report (“Report”) earlier this month urging the United States Congress to enact legislation regulating stablecoins. In this article, we will provide a brief overview of (1) stablecoins and how they function, (2) risks affecting the industry identified by the Report, (3) the Report’s recommendations; and (4) what they might mean for stablecoin issuers and the crypto industry in the United States and Canada.