#USDT稳定币动态 Seeing the news that Upbit has listed YB, my mind immediately recalls the evolution trajectory of the entire stablecoin ecosystem over the years. I remember how scarce trading pairs on exchanges were in the early days; being able to trade with USDT was already an achievement. Now, major exchanges are improving their USDT-based trading ecosystems. What does this indicate? It shows that stablecoins are no longer fringe products but are now a core part of trading infrastructure.

From the initial controversy to USDT becoming a market hub today, this process essentially reflects the industry's increasing maturity. Every new USDT trading pair added by an exchange may seem trivial, but in reality, it reinforces the role of stablecoins as a "fiat on-ramp" and "value benchmark." In 2017, we questioned its credibility; by 2024, USDT has become an unavoidable liquidity hub.

However, there is also reason for caution. The prosperity of the stablecoin ecosystem precisely indicates that the market's dependence on fiat on- and off-ramps remains strong. Exchanges rushing to list various token trading pairs ultimately revolve around USDT. This is a sign of maturity but also a reflection of a certain dilemma—after all this time, centralized stablecoins remain an insurmountable hurdle. History shows us that the more seemingly stable something appears, the more we need to stay vigilant.