 As part of the stablecoin work stream at the ITU, we have reviewed a good number of stablecoins, more than eight use cases. And so we come up with a quite a generic definition for stablecoins. So basically it's a coin whose value is stable with regard to a reference point. And this reference point can be of a different type. So the most well-known ones are payment stablecoins, meaning that this is stable with regard to an amount of fiat money, government money, from one country or another. Most of the time it's based on $1. It's stable with regards to $1. But these are only one type of stablecoins. After it could be also stable with reference to, for example, purchasing power. And there was a basket of currencies that is managed, for example, by the global stablecoin. And then the goal is to be stable with regards to the purchasing power. So in a number of years, then you should still have the same purchasing power. There are, finally, some stablecoins that are stable with regard to a supply. We also studied use cases based on what we call algorithmic stablecoins, such as ample force. And you see it's stable, but not always backed by fiat money. It could be also stable with regard to other aspects. So this is holding to cryptocurrencies and decentralized finance. So basically, when you have stablecoins in the cryptocurrency system, ecosystem, then it brings some stability into the economics of the ecosystem. So basically, some users may move some cryptocurrencies into those stablecoins, assuming that they are all trustworthy, which is not the case. There are some issues regarding auditing and security. But to some extent, we could also consider central bank digital currencies as stablecoins, stable with regard to the central bank digital currency. And of course, here, there is no trust issue because this is provided by a central bank. And so if we assume that these coins are stable, they are less volatile than cryptocurrencies, such as Bitcoin or Ethereum. And so it brings some stability to the system. So maybe users feel more confident in using these new technologies. And these new technologies allow the users to really transact from one part of the world to the other part much more easily than with previous digital payment solutions and also without the need of trusted third parties. So this is one main point that improves the efficiency of the decentralized finance services, assuming that, as I said, the stablecoins are stable. And then also that the New York customer and anti-money laundering are also carried out.