The cryptocurrency market is connected to the traditional financial market through reserve-backed stablecoins. A one standard deviation ($330 million) increase in the issuance of major stablecoins (Tether and USD Coin) on a given day results in an 11% increase in the commercial paper issuance quantity and an 18 basis point decrease in the commercial paper yield the following day. This shows that the exponential growth of stablecoins created an excess demand for short-term money-like safe assets. I also study the fiat cryptocurrency market’s effect on the financial market.