Stability is the deepest desire of humanity. Looking back at a thousand years of civilization, instability has been the norm—wars, famines, plagues, economic crises, all taking turns to unfold. Each instance of instability has spurred a yearning for stability. The emergence of stablecoins in the cryptocurrency world, in simple terms, repeats this ancient historical pattern.

The financial crisis of 2008 exposed the fragility of the traditional financial system. BTC emerged in response, carrying people’s imagination of a new financial order. But problems followed—BTC is too volatile. This volatility makes the entire crypto market ecosystem appear extremely fragile. The birth of stablecoins is, in a sense, a direct response to this issue.

You need to first understand how unstable the crypto world used to be.

In November 2013, Bitcoin broke through 1000 USD, and everyone was cheering with excitement. This was a milestone moment. But just six months later, the price plummeted to below 500 USD, a direct halving. This was already considered one of the most resilient assets in the crypto market at that time. What about those other coins? Litecoin, Ripple, and other once-popular projects saw declines approaching 90%. Not to mention those coins that directly ran away or went to zero, there were plenty.

This extreme price instability reflects not only the issues of individual assets but also the collapse of the entire ecological credit system. Behind the narrative of "everyone governs together" and "decentralized utopia," there is actually no one responsible, and it is growing wildly. Order and rationality cannot be found here.

Therefore, stablecoins are born with the mission of being saviors—providing a promise of "stability" to this chaotic cryptocurrency ecosystem.

The early narratives of the crypto world were too monotonous. Investors stared at those prices as if watching the weather forecast, never knowing what would happen in the next moment. Within a trading cycle, the actual transaction price could make one feel like "the world has changed." This chaos lasted for several years before the market gradually realized a basic necessity: we need stability.

In 2014, the first batch of cryptocurrencies known for their stability emerged. They had a unified name - stablecoins. From that moment on, the cryptocurrency market truly had a cornerstone.