Stablecoins, especially fiat-backed stablecoins, seem poised to dominate online currency exchanges across the world. Tether grew by approximately 82 billion USD in five years and USD coin by approximately 54 billion USD in two years. How did this happen? What is the history of stablecoins?
In a word, brief. In several words: expansive, incredible, awe-inspiring, somewhat confusing.
This article follows the history of stablecoins from its first origination only five years after Satoshi Nakamoto’s Bitcoin, 2014, through to today. In other words, this article describes the creation of hundreds of billions of market capitalization of a new asset class in eight years.
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