On January 12, 2026, Gleb Kurovskiy analyzed why hundreds of stablecoins coexist despite sharing the same $1 on-chain goal. He argues they represent different trade-offs across peg stability, decentralization and scalability, with fiat-backed, crypto-collateralized and algorithmic designs each optimizing for different risks and use cases. As stablecoins grow toward systemic scale, their liquidity management, reserve composition and integration with traditional finance could reshape how digital dollars move and where financial fragility emerges.