Ethereum plays a crucial role as the backbone of the stablecoin market, demonstrating its dominance in the crypto space alongside Bitcoin.

Most stablecoins, including USDT and USDC from Circle and Coinbase, are built on the Ethereum blockchain, emphasizing its importance in enabling faster, lower-cost transactions worldwide.

Ethereum, created over a decade ago by Vitalik Buterin, was developed as a blockchain platform for decentralized applications and smart contracts, which are self-executing coded agreements.

Bitcoin, the first and most recognized cryptocurrency, is valued for its scarcity and decentralization, often called 'digital gold,' but it faces challenges such as high energy consumption and transaction delays due to its proof-of-work system.

While some skeptics initially viewed cryptocurrencies as speculative, the rise of stablecoins shows their practical use for maintaining stable value relative to assets like the US dollar, leading to transaction volumes that now surpass traditional credit card systems like Visa.