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The stablecoin market has been upended in 2023. The start of the year saw BUSD given an expiry date of 2024, a banking crisis in March hit USDC and DAI hard, while Binance anointed TUSD as its stablecoin of choice by choosing it for one of the few zero-fee BTC pairs in crypto. All of these events had huge ramifications for stablecoin market structure. BUSD was killed off, USDC and DAI depegged after the banking crisis, and TUSD rose to relevance. Amidst all of this, USDT became the industry’s most trusted stablecoin. This article will explore the evolution of stablecoin market structure over the years, and dig deeper into how one of the industry’s most opaque companies has been crowned the king of stablecoins.
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