Part 1/9:
The Complex World of Stable Coins: Why So Many Versions Despite a Common Peg
In recent years, stable coins have rapidly become a cornerstone of the cryptocurrency ecosystem. Last year alone, these digital assets moved an astonishing $27.6 trillion—more than Visa and Mastercard combined. Today, there are hundreds of different stable coins in circulation, with a combined market capitalization exceeding $250 billion. Yet, despite their shared goal of maintaining a stable value pegged to the US dollar, the proliferation of multiple stable coins raises an important question: Why do we need so many if they all aim to be worth $1?