Before revision:  We demonstrate fundamental results about dynamics and liquidity in stablecoin markets, demonstrate that these markets face deleveraging spirals that cause illiquidity during crises  , and show that these stablecoins have `stable ' and `unstable' domains.
After revision:  We derive fundamental results about dynamics and liquidity in stablecoin markets, demonstrate that these markets face deleveraging spirals that cause illiquidity during crises , and show that these stablecoins have `stable ' and `unstable' domains.