Stablecoins have increasingly been heralded as the up and coming "currency" of the modern era. However financial lingo and the colloquial conception of stablecoins must not cloud legal analysis. Money in legal terms is not an amorphous representation of value but a complex constellation of rights between different stakeholders: individuals banks intermediaries and transacting parties. For stablecoins a form of "private" non-government backed currency it is even more imperative that the law provides a