The Major Changes in Stablecoins: The First 10 Years of Crypto Originating from USDT (2014-2024)

In 2008, an article titled 'Bitcoin: A Peer-to-Peer Electronic Cash System' (https://bitcoin.org/bitcoin.pdf) appeared on the P2P Foundation website, authored by Satoshi Nakamoto, who would later be revered as the founding figure of the crypto industry. This was during the aftermath of the 2008 subprime mortgage crisis, which had erupted due to severe inflation of the US dollar, and the world economy was slowly rebuilding itself. Undoubtedly, the original intention behind the birth of BTC was to address the chronic ailments of a centralized monetary supply system and the cumbersome, rigid, and inflexible global financial payment system.

However, contrary to the expectations of many crypto OGs including Nakamoto, it was not BTC, which proudly waved the banner of decentralization, that ultimately fulfilled the 'peer-to-peer payment wish of BTC', but rather various stablecoins strongly tied to the US dollar and US debt.

The Rise of USDT: Rural Surrounding the City, Use Cases Capturing the Market

Looking back at Tether's rise, we can roughly categorize it as a 'three-step strategy':