Stablecoins are an essential component of the cryptocurrency industry, providing a stable asset for trading and gaining traction in cross-border payments due to their efficiency and traceability.

According to a study by Juniper Research, the value of payment transactions facilitated by stablecoins is projected to reach $187 billion by 2028, a 250% increase from the anticipated $53 billion in 2023. USDT and USDC are the most commonly used stablecoins, accounting for 86% of the market share, with USDT dominating offshore exchanges and USDC being more popular in the DeFi context.

While algorithmic and over-collateralized stablecoins have lost investor confidence and market value, USDT has been serving as a bridge between the crypto and mainstream worlds since 2019, and USDC has established itself as a primary player in the ERC-20 stablecoin ecosystem.