Stablecoins were created as a bridge between fiat currency and the crypto economy. And for some time, that bridge held.
A Shift in Power in the World of Stablecoins
USDT from Tether has become the dominant trading pair on most exchanges, despite years of doubts about whether its reserves are truly backed 1:1 by US dollars or equivalent assets like short-term Treasury bills. $USDC from Circle followed suit, earning trust through greater transparency, regular audits, and growing partnerships with institutional investors.