A large amount of the attention Bitcoin gets from the media is due to the crypto asset’s wild price fluctuations and while it has tended to become a bit less volatile over time, the fact that the bitcoin price in U.S. dollar terms is roughly a quarter of what it was last year is too much for many potential users to handle.
Due to these price volatility issues, stablecoins have seen tremendous growth over the past few years and now account for more than $130 billion of the total crypto market.
However, despite what the stablecoin promoters tell you, the reality is these alternative digital currencies are not very similar to bitcoin at all. The vast majority of the stablecoin market is made up of centralized tokens issued on top of blockchains like Ethereum, Tron, BNB Chain, and Solana, and they include backdoors that enable the issuers to do things like freeze funds and blacklist addresses. Additionally, they could be regulated out of existence with the strike of a pen.
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