Bitcoin Forum

I heard about the plan of CZ to launch binance stablecoin. I want to know your opinion on this, do you think its a good idea?

Well maybe is a good idea but to have trust on, i think they should have backed up by real money and prove it, and only after people will trust and use Binance stable coin.

From the short term price perspective, maybe? since it would pump BTC price higher. However, the "dark force" is as strong as Tether. So, I'm afraid that it could ravage the market in the long run.

It would help if you asked these questions:
- Who will be the auditor?
- Who will protect the users' fund in case of a security breach? We are not talking about a mere 7k BTC hack, but possible hundred millions of dollars.

Well for now I don't know how they are going to run things,  though I am fully behind them because I have been with them since their inception in 2017, and they have never slack in delivering and also creating a steady hype for themselves so that they don't lose relevance in the Crypto space, so let's just hope that the best comes out from it, we need Crypto to go mainstream and this might be what would take it there.

So far bitfinex proved nothing with shadiness with their tether.

But on the other hand, binance is also acting shady. It will be hard to choose but at least maybe binance become more transparent with it.

There is lots of stable coins on binance but only usdt have the real volume and also binance exchange is the biggest amount of usdt stored after bitfinex.

If they create their stablecoin, they can easily channel usdt volume to their stablecoin which would harm the crazy amount of usdt back to bitfinex. I always think binance was collaborating with bitfinex but if they do this, it will be a huge act against bitfinex.

In my opinion this is a good thing in the crypto market, if Binnace's stablecoin is audited with clear data. It will give users more choices when they want to find a reputable and audited stablecoin. With binance's reputation, I think they will publish their stablecoin figures soon.

It will be more transparent rather than any other stable coin like tether and TUSD. How much-reserved funds can be checked through use the liquidity of the company. that makes sense rather than saw the old stable coin used manipulation.
This will become the next trend and all of the volumes from another stable coin will go down.

Can be a good alternative to USDT but it is not going to change anything in the course of crypto currencies,it will be just used by the traders for holsing their profits in short term basis.

It's official that there will be a Binance stable coin that's pegged by British Pound.

That's for the part of traders but have you wondered on why CZ decided to peg their stable coin with GBP? Well, I've answered that question with other thread earlier.

You can find the answer on: https://tokenpost.com/Leading-crypto-exchange-Binance-to-introduce-own-GBP-pegged-stablecoin-within-a-few-weeks-2118

The question has been discussed quite many times. When Binance's stable coin launched, crypto world has another reliable (based on Binance's reputation) stable coin. One more competitor makes stable coin developers work more properly and precisely on their coins. In a nutshell, Binance's stalbe coin will bring more good than harm to cryptocurrency.

If I may say, I do not like the idea of having too many stable coins in the crypto space, without any strong legal backing.
If Binance decides to lunch one, despite having its own coin, it means that every other exchanges will want to do the same, which is not healthy enough for investors most especially.
I am just trying to imagine what will come out of it if it happens.

So what about when facebook will be launching its stablecoin whitepaper at the same time with the launch of the stable coin that created by binance exchange site?
https://cointelegraph.com/news/facebook-sources-say-that-stablecoin-white-paper-will-come-on-june-18
This will be an interesting thing to discuss.
I bet people will be confusing to choose which will be used by them all.

Yes the idea was good and offcourse its relevant since Binance has a capability and resources to do it. I believe that CZ was already ironed out the stablecoin project and soon it will be out, we must wait and see for this another Binance development milestone.