Across global finance, accelerating stablecoin adoption is reviving debates about private money, monetary competition, and the future architecture of the dollar system.
From early crypto chaos to the rise of USDT
In 2014, when the digital asset market was still nascent, Giancarlo Devasini launched USDT and Tether. At the time, a few exchanges—Kraken, Bitfinex, Coinbase, Poloniex, and Bitstamp—dominated trading in a lightly regulated, fragile crypto ecosystem. However, the collapse of Mt. Gox in February 2014, then the largest bitcoin (BTC) exchange, exposed severe structural weaknesses.
Back then, these platforms operated across different jurisdictions and traded what was effectively the only meaningful token: Bitcoin. Arbitrageurs tried to exploit price gaps, yet they could not move dollars between banks, brokers, and countries fast enough. For example, when bitcoin traded at $115 on Kraken and $112 on Poloniex, a trader should have sold one BTC at the higher price an
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