What this is all about

The Money Timeline
Stablecoins Take Over

An interactive journey through the history of money from barter and bronze to the programmable future of stablecoins

A New Chapter in Money
Scale

Barter + Precious Metals

Barter ~6000 years ago
Precious Metals ~2000 BC, Egypt

Barter System

Goods were exchanged directly without money

Direct Exchange

People traded goods like grain, meat, and tools without using money

Limitations

Trade required a perfect match of needs often hard to find

Precious Metals

Gold and silver became the first universal money

Value & Trust

Rare and durable metals used as a reliable store of wealth

Limitations

Heavy to carry and difficult to use for small payments

Direct Exchange

Direct Exchange

Grain for meat, no money needed

Trade was simple, but limited

Precious Metals

Precious Metals

Gold and silver as universal money

Wealth measured in precious metals

Barter was humanity's first attempt at trade, where goods like grain, meat, or tools were exchanged directly. While it worked, the system was slow and limited, since every exchange required a perfect match of needs. Over time, societies discovered that certain rare and durable resources, like gold and silver, could act as a universal measure of value. Precious metals simplified trade, created trust across regions, and became the foundation for early economies. This shift marked the first real step from simple exchange toward the idea of money.

Coins, Paper, and Trust

Coins ~600 BC, Lydia
Paper Money 7th century, China
Fiat Currency 17th century, Sweden

Coins

Introduced in Lydia, standardized currency

Standardized Value

Coins had fixed weight and purity, guaranteed by the state

Trust in Authority

Their value was backed by governments, making trade easier and reliable

Fiat Currency

Money based on trust in governments, not backed by gold

Limitations

Value depends on stability of the issuing state and economy

Ancient Coins

Coins

First standardized money with fixed weight

Trade backed by state authority

Paper Money

Paper Money

Invented in China, light and portable

Made long-distance trade easier

Fiat Currency

Fiat Currency

Based on trust, not gold

Modern money issued by governments

The invention of coins marked a turning point in trade, offering standardized value and trust backed by governments. Centuries later, China introduced paper money, which replaced heavy coins with lightweight notes that enabled faster, long-distance commerce. Over time, states went further, issuing fiat currencies not tied to gold or silver but sustained by trust in their authority. This evolution made money more flexible, scalable, and global, laying the foundation of the modern financial system.

Banking & Digital Systems

Bills & Checks ~12th-17th century, Italy & England
Cards & SWIFT 1950s USA & 1970s Belgium
Mobile Payments 2010s China

Bills & Checks

Introduced in medieval Europe, safer payments without moving cash

Secure Distance

Merchants used written promises instead of transporting gold or coins across cities

Foundation of Banking

Bills and checks laid the groundwork for modern financial institutions

Cards & SWIFT

Plastic cards and global networks revolutionized everyday payments

Convenience & Connection

Cards enabled fast, cashless payments for everyday life, while the SWIFT network connected banks across the globe, making international transfers secure and reliable

Bills & Checks

Bills & Checks

Written promises instead of coins

Enabled safe trade across long distances

Cards & SWIFT

Cards & SWIFT

Plastic cards and global bank networks

Connected payments worldwide securely

Mobile Payments

Mobile Payments

QR codes and smartphone apps

Turned daily life into instant transactions

As trade expanded, carrying coins or even paper money over long distances became risky and inefficient. Bills and checks offered safer alternatives, giving merchants a way to settle transactions without moving physical assets. Later, credit cards and the SWIFT network transformed payments into a truly global system, connecting banks and people across borders. Together, these innovations made money faster, safer, and more accessible than ever before.

New Era > Crypto

A New Chapter in Money

From coins to code: money goes digital

Genesis Block
Next Phase: Stablecoins

The first digital currency, free from banks and states

Bitcoin

The Revolution Begins

Bitcoin broke the chains of banks, proving money could be free

Decentralized, scarce, but volatile
Stablecoins

The Stability Upgrade

Stablecoins merged blockchain freedom with the reliability of the dollar

Fast, global and stable

The story doesn't end with Bitcoin...

Volatility sparked the revolution. Stability will build the future.

How everything started

The Origins of Stablecoins

Stablecoins appeared as a response to the high volatility of the first cryptocurrencies (like BTC), to provide a more "stable" settlement asset. Among the earliest experiments in 2014 were bitUSD on BitShares and NuBits; right in 2014, Tether USDT (originally Realcoin) was launched.

A number of early projects eventually failed to keep the bitUSD lost $1-peg in 2018. Algorithmic TerraUSD (UST) was launched much later in 2020 and collapsed in May 2022.

These episodes showed the risks of unsecured/algorithmic models, while either fiat reserve stablecoins (USDT/USDC) or crypto collateral like DAI (launched in 2017 and since 2019 - multicollateral) gained stability.

Origins of Stablecoins

How do stablecoins work now

Everyday Stability
Everyday Stability

Stablecoins combine blockchain infrastructure with currency or asset peg mechanisms, making them practical for everyday settlements, treasury operations, and on‑chain services. Businesses and users benefit from near‑instant, borderless transfers while maintaining price predictability.

Fast & Borderless
Fast & Borderless

Fast and inexpensive transfers. Fees and speed depend on the network: on high-performance L1/L2, transfers take seconds and can cost fractions of a cent (for example, on Solana/ Arbitrum), whereas in Ethereum L1, the fee can be cents or dollars, also change fees on load. It is important to keep in mind that on/off-ramp services and wallets also charge fees.

Access to finance. According to Global Findex 2021, ~76% of adults in the world have an account, meaning about 24% of adults remain without one. At the same time, the presence of a smartphone and a wallet allows such users to accept and transfer in a stable asset, bypassing banks.

DeFi Backbone
The DeFi Backbone

DeFi features. Stablecoins are the basic "nominal value" in DeFi: they can be borrowed/lent against collateral, provide liquidity, etc. The potential profitability may be higher than bank deposits, but it is associated with on-chain risks (defects in smart contracts, deposits, platform risk, etc).

What awaits stablecoins in the future

Regulation and Adoption

Regulated to Scale

In the EU, MiCA rules for e-money tokens and asset-referenced tokens issuers apply from June 30, 2024 (there are transitional provisions until 2026). On July 18, 2025, the United States adopted the federal GENIUS Act, which introduces a licensing/supervisory framework for payment stablecoins and reserve requirements; further details will be provided by the regulatory rules of the departments.

Regulation Timeline
Transparency

Public chains are transparent by default

For private settlements and compliance with privacy rules, ZK technologies (Zero-Knowledge Proofs) and privacy solutions from providers are actively developing.

Transparent Chains
Adoption by Giants

Cooperation, not rivalry

Major payment companies are already starting to implement stablecoins:

Visa expanded on-chain settlements with stablecoin networks (including EURC) in 2025
Stripe has enabled USDC acceptance since 2024 (and later large-scale partnerships for merchants)

This indicates that banks and processing networks will use stablecoins as more efficient "rails" for certain types of transactions.

Plasma Workshop
Workshop