Bitcoin Forum

Have you ever wondered why there are so many centralized stablecoins on the market? It's no secret that decentralized stablecoins like DAI and USDJ are the minority in the crypto/Blockchain space. This is bad for the industry, as it makes it no different than the traditional banking system of today. The risk of a single point of failure exists with centralized stablecoins, greatly defeating the purpose of crypto/Blockchain technology. Consider how both USDT and USDC issuers have been freezing (blacklisting) user addresses on the blockchain. While DAI is a better alternative, it lacks the level of adoption of its centralized counterparts.

Do you think we need more decentralized stablecoins? What will happen if centralized stablecoin issuers continue to freeze addresses at will? Will people lose confidence on centralized stablecoins? Or will this attract institutional investors and serious traders? Your input will be greatly appreciated. Thanks :)

stablecoins freezing addresses at will is a crime. so why should we believe in a coin like this. we should believe in decentralized stablecoins. security of funds is a top priority, as long as the system is centrally controlled funds will never be safe. the problem now is the lack of adoption of decentralized stablecoins in today's society. for that we must encourage adoption so that it can be realized more quickly.

Stablecoins should all be decentralized. If they are not decentralized, they better not exist at all. They are just posing unnecessary risks to their users who are mostly clueless of how they work.

If possible, these stablecoins should not even exist at all. They're fiat after all. They do not belong to the world of cryptocurrencies.

The only thing I know about stable coins is we can use them very well if Bullrun comes will happen and we can quickly convert our BTC or other cryptocurrencies to it without worrying about getting stuck in a congested network when most of the people converting their crypto assets to fiat. However, I don't really know if stable coins are risky but all I know they help a lot regarding how useful they are.

Cryptocurrencies need to have decentralization to be aligned with origins of why they are born to change the traditional finance.

USDT brings fast, and convenience transactions than paper USD but they can be frozen by governement or by Tether company. I don't think I can control flow of USDT from the trade partner that I trade with is legal. I am not sure about their capital flow, its origin, its legality.

Please create and bring more decentralized stable coins.

Thank you for the questions Abiky.
Yes.
It's fucked up. More users/buyers of that cex stablecoin will switch to dex.
Yes.
If I am the serious (exaggerated) trader then I  would prefer the decentralized way.
Obviously, for the reasons you said. I want authority with every move that I will make and not accounts being frozen just because someone on the other end doesn't like how I manage my own money.
Let's just go back to the banking system and do all the KYC if that is the case.

USDT works better for me, it's easier to send on Tron network and transaction fee is way cheaper using Tron, I have no idea about freezing USDT wallet addresses but I have heard on news, if what you said is real many customers would have leave USDT and top exchanges would have delist USDT

The reason why I like USDT is that exact point you are talking about, freezing funds, if you are a scammer or you are into illegal funds USDT team will drop your ass, USDT isn't the platform for cheaters and scammers, how is this a bad thing? Those who got their address frozen knew what they did, how many innocent people have you seen that got their USDT address frozen?

If you think that it is centralized stable coin could be catastrophic for cryptocurrencies,
and you know a centralized system is not the context of cryptocurrency, but we ourselves are still not sure about decentralization itself,
many exchanges are centralized, and we can't avoid it, I agree If a stable coin becomes decentralized with a system such as the addition of liquidity at Uniswap, it will make stable coin has high liquidity not only in 1 person, but many people and many institutions can also participate in its liquidity.

I've seen enough projects this year claiming to be true decentralized but they aren't, how sure are you that even dex exchanges complete decentralized platforms when they are still been controlled by people like us? Is decentralization really working in crypto space? That answer isn't 100% clear.

Decentralized projects and decentralized stable coins are not totally decentralized platforms, when kucoin hack took place weeks ago many projects that claimed to be decentralized went ahead to change their smart contract, they are no more decentralized projects doing that, since decentralized projects are still under people's control I don't see any reasons to fully trust them

No thanks, for now I'm sticking with USDT, been the top stable coin and still centralized means that the government can go after the team, I prefer projects that still have something they are scared about (the law), Decentralized freedom lacks the ability to ask for justice.

People still controls everything, either centralized or decentralized they can still do as they see fit, remember that USDT have been accused before of illegal stuffs? And that was resolved openly, if USDT was decentralized government won't be able to go after them.

Why are you this scared of using centralized stable coins when they can be easily accused of anything? Decentralized stable coins and projects aren't that safe and different either, in the name of decentralization crime is free, your money your risk and it's the perfect place for embezzlement and illegal entities

USDT have faced many allegations in the past and they fought through them successfully, if USDT is crap or not safe do you think binance exchange will list them? This stable coin controls the highest liquidity and volume of all stable coins, isn't it because it's better?

Aren't there more decentralized stable coins in crypto space already? There are many categories to choose from e.g

1. Elastic supply stable coins
2. Self collateralized stable coins
3. Collateralized debt positions stable coins
4. Bond redemption stable coins
5. Collateral redemption stable coins


Enough is enough

Very true, there are many stable coins apart from USDT and DAI, maybe I should try to list some I can remember here

1. Ampleforth
2. Bitbay.
3. Nubits
4. Ndau
5. Stableunit
6. Makerdao
7. Augmint
8. Alchemint
9. Basis

The list goes on and on, if you don't like USDT there are many other

No, they never intend to arbitrarily freeze users' addresses. Obviously they don't have the authority to do that either, it looks like you're slandering about their mechanics :)
Also, I'm using centralized stablecoins and it's pretty cool. The transaction fee is zero for USDT on the TRC-20 platform. The special thing is that USDT, USDC and DAI are also traded in many exchanges and the volume is always high. Existing stablecoins are fully embracing our needs, so why do we need to find something new?

What is the point of having more stable coin  ??? We already have the dollar right? Why sould we need to create more and more coin backed by this currency. Many stahle coins are available on the marketcap. So just make your choose, dont be so fastidious. Moreover, if you want a stable coin, just use centralized currency which are supported by the government and the Central Bank: USD.

I know that our market is too volatile to be used in our daily life. But because it is purely decetralized, it has to base purely on the supply-demand principle. And because we are living in the world we fiat currently dominate, we cant stop people from converting or calculate their bitcoin to usd or some sort of Fiat - which are more stable according to normal people.

Remember this: decentralization creates deflation, while centralization bounds with inflation. That is also the element which make crypto more fluctuate than traditional assets. And it is obvious that you gain more money (fiat) just by holding some reputation cryptos over years

We don't need new stable coins, if you don't like centralized stable coins some DEX stable coins are available but DAI has the best volume and liquidity available, but it's pretty hard to ignore the fact that USDT has the highest liquidity and volume, it's well supported amd available on all exchanges, why the need for new stable coins?

Can stable coins be decentralized? Aren't all stable coins centralized? because if they are decentralized, of course the price will not be stable either

Well, I think we need really good decentralized stablecoin...  stablecoin that isn't backed by things that are not very censorship resistant like fiats.  You control the supply with algorithm to keep things stable, in decentralized manner.
 A normal crypto with unlimited supply could easily be turned into stablecoin if you could control the supply automatically. You keep the supply locked and price stable... when demand increases, part of the supply is unlocked and sold at the stable price, when demand decreases you lock or reduce supply. This  repeats automatically depending on demand/supply.

Do some research on DAI stable coin, we have decentralized stable coins in crypto space, if you don't know then I suggest starting with DAI stable coin, there are others like

1. Defidollar
2. Ndau
3. RSV

So you just want to have another tool just for the sake of the illusion of choice? Not bad not bad.
Yes, some addresses are blacklisted but do you want the market to be safer? You won't be blacklisted just like that, so this is a dubious argument.
And I see no reason to do another one stablecoin, we already have enough . Or do you want to repeat the flood of the crypto market with a bunch of useless and even just fraudulent coins as it was at the rise of this story? No thanks, let's skip it.

Nah, never really wondered. You know until this very day I haven't used a single stablecoin, not even Tether? I know for sure there are many like me too, we just trade what we need directly for fiat whenever we want cash from crypto, so this tells me that this "need" is really only for full traders and speculators. And traders actually trust centralized things;)

I'm satisfied using USDT to store funds and buy BTC when I can so I have no problem using centralized stable coins to store fund, are decentralized projects that reliable because they are decentralized or it's just empty promise to be decentralized? We can never tell, just use what works for you

I thought all stablecoins are decentralized already? And I've heard stablecoins freezing accounts, unless they are not cryptocurrency which doesnt really make sense here if thats what you meant.

My advice though, if there's really a centralized stablecoin, just stay away from it.

Yes there are decentralized stablecoins available and more should be encouraged but if we check the stats as far as stablecoins are concerned, traders and investors are satisfied and comfortable with usdt and usdt at the moment. Perhaps because they are available at almost all the major exchanges and platforms even dexes.

I think too many stablecoins will change the character of crypto that is considered high risk. just 1 or 3 stabelcoins are enough
as a neutral coin that does not directly affect the ups and downs of other crypto coins, so traders and investors do not easily adjust the market price if, there are many stabelcoins it will be like a stock exchange in the real world where market movements are not too risk, there are positive and negative aspects but less effective in this crypto world

Can someone explain to me how it all works, I mean I understand that market keeps it at that level, but what makes it stay that way? Why do we trust it stay that way? USDT is something I dislike very much because I think Tether as a company is too much powerful and they have 10+ billion dollars just from us and they claim it is 1 to 1 backed but that's about it, if they run with it tomorrow we do not have anything we can do, they will have 10+ billion dollars in their name and we can't do anything about it, or maybe their bank will seize it with the government help and they won't even be able to do anything.

However when it comes to stuff like DAI, I do not trust my money will be 1 to 1 back forever neither, it is not feeling like it is something I can feel comfortable about at all, the whole idea of stablecoin is scary to me a bit.

Is that the only reason why stablecoins exist? If that is the only benefit you can see in stablecoins, then stablecoins indeed don't have much value. They are very much dispensable. Cryptocurrency exchange could always consider providing fiat with cryptocurrency pairs. That happens already, in fact.

As far as I read, USDT for example is very risky. Various crypto fans are already warning others on the use of USDT.

They weren't indiscriminate to freezing addresses, it was by request from law enforcement that could be involved in other cryptocurrency crime.
However, stable coin is not the best option in the first place, decentralized cryptocurrency is far better than those manipulative and centralized coins, there are a few problems with them.

Certainly, this will not be good for crypto enthusiasts who like decentralization and privacy, but in return it will attract more companies that want to enter Crypto but want to maintain centralization and even banks can also be attracted by this type of central currency so that they can control and freeze the currencies of users in Any time it likes.
The spread of this type of currency similar to the old centralized system will eliminate the idea of Bitcoin and cryptocurrencies based on decentralization and privacy.

I agree that USDT has the hist liquidity and a big trading volumes. It means that traders really need stable coins. But how much stable coins do they need if there is a Tether? Already there are a lot of stablecoins but they cannot compete with Tether in popularity and liquidity.

We don't need more stable coins, the most popular among the list of all stable coins we have is USDT, USDC and DAI but we have many more like

1. TUSD (True USD)
2. Paxos Standard
3. Ndau
4. HUSD
5. Stasis Euro
6. Binance USD ( BUSD)

Don't you think we already have enough?

But how though. Decentralized stablecoin also carry its advantage and disadvantage, my main concern is how that stablecoin could reserve money? is it by letting some people staking usdt and let them earn from fee or what? the reason behind why so many stablecoin is centralized is because they could provide money to reserve for their stablecoin and i can't see that kind of thing is an easy feat for decentralized stablecoin.

Since you've been talking about stablecoins I want to share this article where gives a guide to the beginners and can be also used by the old or already existing users. This is worth reading while learning more about stablecoins. Here's the link https://crypto.co/news/a-beginners-guide-to-stablecoins/

i know dai but i didnt knew usdj , its name has a usd on it and its decentralized . thats akward . if there are only two of them that are decentralized stable coins , we definelty need more


thats scary if they are freezing addresses well what do we expect from them , that act was not different to other centralized banks and that also happen to paypal users but we are here in the crypto world , they should treat users here differently . its okay if they will freeze those accounts that are guilty for doing crimes but not those accounts that are doing a legal business .if they do that they can attract users to use them because users are gonna feel secured .

I wish to see it this way, with centralized stablecoin platforms, freezing accounts the way they want, will make people to look towards a better alternative and that alternative is Decentralized stablecoins. The reason why many people are still after centralized stablecoins is that, they have huge volumes and  so on or maybe because they are prominent, but once they have gotten enough reason or once more people starts giving accounts of how their wallets was frozen, people will surely take heed, because no one can stand the thought of having his wallet frozen.
Also, I do not think we need more decentralized stablecoins currently, however we need to embrace the ones we have in order to give them the needed support and exposure, thus making them to grow, it is through this growth that others will gradually start coming up and the huge competition will start.

good idea In my opinion. decentralized stablecoin could compete with centralized ones in privacy sector unlike centralized that owned by private company although the stablecoin right now already fills our need but always welcome new innovation

what were talking here are decentralized stablecoin which differ greatly from centralized.

OP made a good point. 
I have no problem with blacklisting in Crypto space though, as long as it's not done in secrecy. My major problem with the centralized blacklisting is that it probably happens in secrecy, or it's not transparent. I won't be too bother if we have a decentralized stablecoin that have clear rules that can result in users getting blacklisted if they're violated. And the community where the blacklisting happens has to transparent, decentralized, permissionless, etc. Whenever blacklisting rules are changed, users have to agree to them before they can continue using the stablecoin.

I agree with this opinion, stablecoins are basically backed up by US Dollars or certain country currencies and this requires a large amount of funds when people are going to exchange fiat to stablecoins to transact on exchangers. USDT or other stablecoins are centralized because there is a large reserve that guarantees the availability of funds when people withdraw to bank accounts

We will definitely need to have more decentralized stable coins in the future because when global adoption happens and making it as a replacement to fiat then the demand will be sky-high.

Around the globe, every individual will soon be needing these coins, and bitcoin and other existing decentralized stable coin may not suffice the need of everyone, for we all know that bitcoin has a limitation on the number of coins that can be mined. Centralized stablecoin has no difference with fiat that is subject or being controlled by a financial institution which is far different from the main idea of decentralized currency.

Ndau is decentralized stable coin like DAI, though others are centralized but not ndau, honestly I don't see any reason to build another stable coin because DAI is just the best if you don't like centralized stable coins, after USDT I would chose DAI

DAI's market capitalization is also getting bigger and this is just on Ether. There is also decentralized stablecoin on the EOS network. 
For some of us there wouldn't be a difference between centralized and decentralized though as long as it can be used to preserve the value of their money, it serves its purpose. 

Would it give them enough reason to freeze an account if you have like $1M USDT on your account? 
Its going to be a problem if your MEW is going to be frozen, is it possible?

In my opinion, we already have a reasonable amount of stablecoin and if that number increases it can generate a certain barrier and security in the market, transforming the cryptocurrency market into a daily stock market. Stabilizing prices at a time when we need energy to rise to a higher, stablecoin may delay this moment. Maybe when everything is confirmed we can increase the amount of stablecoin.

Remember that it is my opinion.

Well for me, the main idea of decentralized stablecoin is being free from any central authority like a financial institution that is being controlled or ruled by the government which is the absolute opposite of centralized stablecoin -- because it is still subject to the hegemony of private company or possibly by the government as well. Centralized stablecoin doesn't give security of the assets since that the information is being kept and mange by a single or a group of persons. Perhaps, it is not wise to use the centralized stablecoin at all if you already own and started investing in a decentralized one like bitcoins.

Only decentralised coin may be came a stable coin.But not all the stable coin are decentralized one in nature.USDT was the stable coin with good price and it's not a fiat.It is based on the ETH and doesn't a real USD used in United States.

but in my opinion stablecoin are very important for people who trading, because myself use stablecoin to hold the value of my money in cryptocurrency to remain stable (not up and down) when I don't have coin that I want to invest or trading, because if I keep them in Bitcoin or altcoin, the price can go up and down, so it makes the value of my money used for trading unstable (the value of my money can go down when the price of Bitcoin or altcoin has a bear run).

And then such a black list mechanism-completely transparent, decentralized, etc. - can be used to harm. What's stopping me from just uploading reports to one of random wallets just because I can? Nothing. Unfortunately, such mechanisms cannot exist in a direct democracy.
Today you make a similar mechanism - and tomorrow a group of friends gathers and starts sending letters demanding to pay them money, otherwise they will block your wallet. How are you going to deal with this?

I understand the logic in asking for decentalised stable coins as it decrease the risk involved but it also raises the question about who is responsible and governing the decentralized stable coins. For this decentralized governance should be established to managed them in the first place.

Agree. Bitfinex is too powerful with its USD-backed stablecoin named Tether. They continue to print new USDT like crazy in order to pump its market cap. Right now, Tether is the largest stablecoin on the market with many dApps and exchanges supporting it. With the market dominance attributed to Tether, the company can do as they wish greatly determining the future of the stablecoin industry. While there are decentralized alternatives such as DAI and bitUSD, they're not as comparable as centralized stablecoins due to their lack of liquidity and mainstream acceptance. People will continue to fall for Tether's scheme, as they only care about making money in the least time possible. The ones who care about decentralization are the minority in the crypto/Blockchain space.

With Bitfinex "freezing" USDT addresses at will, I doubt people will trust stablecoins ever again. It's like bringing centralized banking to the crypto/Blockchain space. This will lead people to rely directly on banks (instead of stablecoins) for peace of mind. Unless regulators take action on Tether, Bitfinex will continue to increase its dominance in the industry. Heavy-handed regulations will make Bitfinex think twice before "freezing" someone's assets at will. At least, there are a wide array of options available on the crypto market. For what I know, investing in a stablecoin is NOT a guarantee that it'll always be pegged to the value of a US Dollar. Most of the stablecoin issuers have shady practices when it comes to backing their coin with USD reserves. They need to be thoroughly regulated in order to give investors some level of confidence. The risk is higher with decentralized stablecoins as they're backed (collaterized) by crypto assets on the Blockchain. While there's the need for more decentralization in the stablecoin industry, the risk of losing the peg will always be there.

Nonetheless, I hope we get to see more decentralized stablecoins that will improve their way towards perfection. The day when decentralized stablecoins become truly stable, will be such when the crypto market experiences greater liquidity in the future. Just my opinion :)

yes, sooner or later a decentralized stablecoin will be needed as the worldwide adoption of cryptocurrencies gets wider.

When many people realize that crypto prices have high volatility, stablecoins are needed, so that stable coins will function as a means of payment.

The Chinese government is now drafting documents on the legal support of the circulation of its digitized yuan.  They declare the digital yuan to be the property of China and prohibit its use by others as a means of providing other stablecoins.  It is possible that other states, over time, may also follow China's example.  Then stable coins of various forms of ownership, except for state ones, will be outlawed.  Decentralized stablecoins will have to look for other ways of collateral.  It could be gold, cryptocurrency, or something else.

Fiat currency cannot be replaced by anyone both are needed at work bitcoin is a decentralized transaction it is not valid everywhere fiat is used all over the world there will be many problems in the way of daily life without centralized exchange. Without a decentralized stable currency there would be no problem in the world the demand for bitcoin is higher than the fiat currency if it becomes more global its stable connection will be far away. Even if china itself introduces digitized yuan it will take a long time to replace the journey.

 I'm satisfied with USDT, USDC and DAI, I'm very familiar with these three stable coins and their use cases are the same, USDT has more exposure as a stable coin because it's not only available on Ethereum ERC20 buy others too, USDT has the highest volume over all and it's centralized just like USDC, the only decentralized stable coin here is DAI

Just look at the capitalization of USDJ to understand that this decentralized stablecoin is practically not used by market participants. We see only 11 million USDJ on the market, against 18 billion USDT. Dai is slightly better represented on the market with a capitalization of 1 billion rubles. All this indicates that the majority of market participants use centralized stablecoins due to a lack of understanding of the functioning of decentralized stablecoins.

I prefer USDT over the other stable coins, even DAI isn't better just because it's decentralized, I want something that works better and I don't see how USDT is a threat to my fund when I'm not a scammer or when I'm not into terrorist funding, you can only fear USDT if you are into unclean money making ways

We surely need some, lots decentralized coin now only last for a month or 2 at least. lack of community participation is the main problem and also from the lack of uniqueness of the project that attracts new and permanent member. Thats why we need stable for consistency.

We need more decentralized crypto projects but not stable coins, every existing stable coins have same thing to offer so I don't see any need for new stable coins now, if you don't like centralized stable coin for one reason or another simply find dex stable coins, there is ndau and Dai

USDT is one of the stablecoins however there's a chance that the price of it will loss and so it's a risky one to hold.  I was wondering what will happen if we have so much stablecoins on the market.

stable coins don't loose its value therfor they are not risky but it will be risky picking stable coins that are not in the mainstream , Usdt is a trusted stable coin .

There are a good number of centralized stable coins but the decentralized stable coins are still less , don't worry. nothing happens if there will be more stable coins in the market because that's not different from having so much crypto coins but I think it's useless to create more because others can't offer new use case .

If you're not a trader, holding stablecoins is useless especially a centralized stablecoin IMO it's better to hold USD (fiat).

There's nothing will happen since stablecoins only bring less effect or probably nothing when enter on a market since the price is stable dan can't be used as speculative investment.

And I'm wondering why binance exchange and other top exchanges trust this stable coin till date, maybe you aren't seeing what these top exchanges saw? I suggest you do some research on USDT before you judge the stable coin.

Stablecoins will be used almost everywhere, and these times are coming. I believe that very soon, millions will start to use exactly virtual money. As not all are ready for trading and other businesses connected with crypto volatility, stable coins will be used by them like traditional money to buy/sell things.

USDT freezing address is totally unacceptable, that's makes crypto look like the traditional bank where they can freeze your assets if you go against the law, and thats what crypto/blockchain technology is against, I wonder why there would be a centralized coin on a decentralized sphere, I mean no cryptocurrency should be centralized at all, and besides this stable coins are only good for storing value during bull run, centralized stable coins are just digital fiats and nothing more, if usdt keep freezing addresses then I think we need to start creating more decentralized stable coins.

That's because USDT is centralized, they have the right to freeze funds and I would like to ask if your fund have been freezed before, the truth is those whom funds are freeze aren't clean or they are making money through unclean source, I have no issue with USDT on this one, not until they start freezing innocent people's fund for no reason

I never like centralized cryptocurrency either, not only stable coin, but for me any kind of centralized cryptocurrency is not a real cryptocurrency. But, I don't think we need more decentralized stablecoin. Even in my opinion, we already have too many stablecoins, stablecoins scene is not supposed to be very competitive since it has very similar features. Not many differences among one stablecoins and the others.

There is a coming project of which a decentralized coins is being introduced. I think that project will do and we can get another stable coins being pegged to USD. Yes, it is a good thing to have these stable coins especially after bitcoin market rally or when the bitcoin bullish end that instead of converting it for fiat currency then using these stable coins can be a lot of help save a lot from the huge transaction fee deducted every time bitcoin is converted fiat or fiat to bitcoin vice versa. Crypto to crypto conversion is better to save fee in the process.

I don't think there will be a new stable coin that can beat USDT is volumes and liquidity, forget it's centralized part and focus on why every top and low exchanges lists USDT and pair it directly to other coins for traders? There is confidence that USDT can't mess up

Sure we need decentralized stable coins because thats what make blockchain and bitcoin a revolutionary economy invention and if bitcoin had been adopted by world wide economic figures we will see the full potential and that goes for stable coins as well as altcoins.in the crypto world shouldnt be a term as freezing adresses.

yes it makes sense, as long as you are not a scamers group then you don't have to worry if you have centralized stable coins like USDT, USDC etc. I don't think companies will freeze your wallet without exception. Even I personally have no problem at all as long as I keep my money in USDT coins.

I have been following DAI coins since its launch and I think it`s the next step in stablecoin cryptocurrency. Everyone heard about problems of Tether and other stable coins. I think more reliable and trusted stable coins are always necessary to create competitions for all developers teams to make product better. This will help to attract more serious investors to the crypto sphere

DAI is more reliable because it's decentralized but stable coin with centralized makes more sense since its pegged with real dollars,  going decentralized doesn't fit very well, anyways everyone is free to use any stable coin they trust, for me USDT wins

We do not need more coins to make things better, we need the ones we have to be better at what they are doing. For example we have one right now that is getting traction right? What we need is not a competition, what we need is that one to get better. However the sad fact is that unless there is a better competition, the ones we have never grow to be better.

Look at all the ICO's that was created during 2017 period, they were all copy cats of each other, so the competition doesn't always make things better neither. Which leaves us at a very difficult position, if there is no competition the ones we have do not grow, but if there is competition it doesn't guarantee something better neither, so we are left with absolutely no choice but to wait for something better to come along.

As soon as I hear negative information about Tether, I immediately transfer USDT to BUSD and DAI. And despite the fact that BUSD is as centralized as USDT, but I have more confidence in IT. This is the pair I place on the Binance to provide liquidity, which gives me passive income.

Yes i bet that we didn't truly need a more decentralized stable coins but we need a better coin that even it was a volatile but the mere fact that we can generate a profit from it were already enough reason. And this cryptocurrency was one of the main reason why i do believe that stable currencies sometime didn't give us the profit that we wanted though crypto could give to us but not that easy as it seems.

That's certainly true, mate. Most people use centralized stablecoins because they're much easier to use than decentralized ones. In addition, centralized stablecoins are directly backed by Fiat while that's not the case with their decentralized counterparts. Investing in a centralized stablecoin gives people confidence that their funds will be safe against malicious actors in the crypto/Blockchain space. That's largely because "hodlers" will be able to recur to the authorities in case their funds are stolen. The responsibility would lie on the issuer himself rather than the "hodler" of the stablecoin. Decentralized stablecoins are much riskier as they're backed by algorithms and volatile crypto assets (like it's the case with DAI and USDJ right now). At least, they're a more reliable alternative than centralized stablecoins due to the lack of a middleman. Censorship resistance is key for any type of cryptocurrency to survive in the mainstream world.

Nonetheless, it's evident that there are more centralized stablecoins on the market than decentralized ones. It'll depend on developers themselves whenever they'd want to create new decentralized offerings or all the other way around. As long as we have a few decentralized stablecoins on the market, there should be nothing to worry about. My guess is that if centralized stablecoins fail altogether, people will resort to their decentralized counterparts in mass. Regardless of what happens in the future with the stablecoin industry, there's no doubt that crypto/Blockchain tech will be here to stay for a very long time. Just my opinion :)

Currently, perhaps usdt is the stablecoin with the strongest position. they have a good ecosystem and also have earned enough trust from the crypto community. and I think the current stable coin is enough, what we need now is a high quality project with a low coin fluctuation value

I don't understand how the stablecoins can be decentralized. Some individual or a group need to store the fiat currency reserve, and therefore it can never be truly decentralized. Obviously you can claim that the transactions can't be retracted or frozen, so it should be considered so. Also, those stablecoins which claim that they are "decentralized" have limited liquidity and their market cap is quite small.

The best stable coin currently is USDT for many reasons this coin deserves the top rank, I know it's centralized and if you don't like this we also have DAI which is not close to USDT performance but DAI did something right and that's complete freedom, fully decentralized

Tether is doing well in its role as a stable coin backed by money in the bank. Tether is centralized and accountable to the company and the bank, which is really good because it holds good value. If there are many decentralized stable coins, they may not be good because of the complex pricing and the impact of market fluctuations.

It does takes a lot of effort to make the coin stable by pegging to dollar while at the same time mantaining decentralization if I could guess it's gonna depend on people staking their fiat money or whatever it is to mantain the stability of price. Actually many stablecoin in the past proposes that idea but failed because various reasons and some of them are small profit. There should be a better plan to execute this idea if anyone wants it to be reality.

Obviously decentralized stable currency is something not that old, it is something brand new and with DAI and similar stuff it is getting more and more famous over time. However we can't expect it to be major standard in crypto world just because we think it is good, it will take time for better projects to come along and when they do end up coming we will use them as well, we just can't have it right away.

So, I would say be patient and I am sure that more options will definitely appear, meanwhile keep using decentralized stable coins so that other people would see how successful it is and when they see how great it is, they will definitely try to mimic what they have done and create a better version with better features in it as well and not if they see people not being hyped about it.

Tether is a ticking time bomb for two main reasons: first of all, the USD reserves they claim to have might not be exactly the amount they say and, secondly, they are under the radar of the US Justice. https://cryptonews.com/exclusives/imagine-regulators-shutting-tether-down-what-happens-to-bitc-8025.htm
Therefore, the more decentralized stablecoin alternatives in our basket, the better.

We need more decentralized stable coins just like OP said, I believe decentralized is more reliable that centralized projects like Tether, USDT can still go down at any time but DAI is way more reliable that USDT, decentralized stable coins is very limited in crypto space and we need more than DAI

When a stable coin is been freezed, there is high chance of that user or wallet owner into shady or fraudulent activity. If you are clean and into legit as others, I don't see reason why your funds will be confiscated. Besides, Government is watching how USDT are minted daily which of course they will account for it in Bank deposits, it would be at their advantage to make sure accounts associated with fraudulent activities are close down so they don't affect others.
Calling for Decentralized stable coin? Have you seen the rate at which DeFi smart contract are been exploited despite rigorous audit by the teams. It will be a pity if hacker manage to steal all users fund without any solution.
I will go with USDT any day, any time.

Tether is the real trouble here, that is a stablecoin backed by a company and all of our dollars are with them right now, that is not something we should be accepting this easily, it should be something we should be very much against. They are doing worse things than a bank does, at least a bank gives you saving interest for keeping your money there, these are some guys who have 10+ billion dollars on their accounts and they pay you nothing for it, they are just taking your money and giving you some fake created digital numbers and expect you to believe that they will honor their 1to1 backing.

I wouldn't use USDT if I had any other choice and nowadays I do have other choices so I haven't used it in a very long time. Decentralized stablecoins should be the future of trading.

Exactly. The introduction of centralized stablecoins does more harm than good to the entire crypto/Blockchain industry in general. It introduces the middleman, which is something crypto was meant to circumvent in the first place. Unfortunately, most people don't care about decentralization. They focus on convenience/ease-of-use on top of everything else. As long as this is the case, Tether (USDT) will continue to be relevant in the crypto/Blockchain space. At least, there are better alternatives out there on the market. While I have to admit that most stablecoins are centralized, there are quite a few which aim to bring the best of both worlds.

Nonetheless, we need more decentralized alternatives to DAI and USDJ if we want to minimize centralized stablecoin's dominance in the industry. I think that as more people become a victim of Tether's actions (like freezing someone's assets on the Blockchain), decentralized stablecoins will rise in popularity. Already, DAI is the most popular decentralized stablecoin on the market. Yet, DAI's liquidity is not as comparable as its centralized counterparts (like USDT or USDC). Strong marketing may be needed in order to boost DAI's adoption in the mainstream world. As long as developers continue to work on decentralized solutions for the stablecoin industry, there should be nothing to worry about. I'm guessing that all centralized stablecoins will eventually become regulated by mainstream governments in order to protect investors' funds. This is good because it'll reduce the number of scams in the industry, forcing companies to provide legitimate products to their customers. It's yet to be seen whenever Tether (USDT) will be able to survive heavy-handed regulations from the government or not. At least, decentralized alternatives will last for long thanks to their censorship-resistant design. Just my opinion :)

I know that DAI is a reliable decentralized stable coin but in another case when you are facing the hacked cases that happened with some exchange sites and what will you do? Some people might think centralized stable coins are not safe but that's not the main point. The centralized stable coin can bring back the stolen amount of stable coin by the hackers but what about DAI?

Is not it too risky to use what you can't afford when the exchange site was getting hacked?

Centralized coins cannot stop decentralized  coin not to be stable in the market. Since we enter pandemic many currencies devalue during the lockdown, that is making the government to do everything possible to improve the economy of the country, that covid-19 has reduced to zero level in the country. Many decentralized currency where seriously pumping during the pandemic, that was making some government officials wondering about the decentralized currency that was still maintaining the stable pumping through out the period.
Many other cryptocurrencies are preparing to rise in the exchange market for every investors to start experiencing stable coins in the market.

I'm satisfied with BUSD, USDC, USDT, DAI, and I believe there are more stable coins in crypto space, presently I don't have a thing for decentralized or not decentralized projects, if a project works as intended I have no problem using them, I'm more satisfied with USDT because it's widely supported on all crypto exchanges and it has the highest volumes too, I don't need another stablecoin, all these are more than enough

Being a trader honestly I do not care if USDT is centralized or decentralized and the only thing that concerns me is the price must always remain stable which it always does so that is the reason why I always use USDT to store my crypto in dollars.

yes we might need more stable coin that works on decentralization but maintaining the price is a challenge and it requires the token owner to somehow have either massive capital to manage the price or centralization which then makes it easy to maintain the value.

There might be some projects upcoming in the pipe so we never know because a good decentralized stable coin can still take the tot spot above USDT but only if they have the plan to maintain the price as close to USD.

Also investments don't come in stable coins because people know the best case would be reaching $1 value but in case the project fails then losses are big and hence there is always lack of interest into investing of stable coins. I don't mind a decent stable coin that works on decentralization but I don't believing in fixing something that is only hypothetically broken (hypothetical situation in case Tether dumps).

Exactly and why do we need a new coin just because it would be decentralized? That's crazy because even if centralized tether is doing pretty well and yes there are some hidden risks like they can dump the market whenever they want but no reason why they would do that.

Has that stablecoins freezing addresses ever happened? I did a search and i did not find such news.
Actually, i agree that need more decentralized stablecoins on the market, due to decentralized stablecoins can avoid the human interference to the greatest extent. But is hard, because we live in a centralized world.

Usually happen in exchange though. Most of the time when people have many stablecoins with such huge amounts saved up in their exchange address but never ever trying to verify their exchange account they usually gonna get some kind of problem and frozen fund is one of them.
Still, it might happen with some decentralized coin aswell. Definitely up to the exchange.

Stablecoins should all be decentralized. In the event that they are not decentralized, they better not exist by any means. They are simply presenting pointless dangers to their users who are generally uneducated about how they work.
Most of these stable coins are nothing but Fiat currency. And they shouldn't exist in the crypto space

at least for now it's enough to help a lot of people avoid losses due to the highly volatile crypto price. I also agree that too many stable coins are not that great either. and for now the amount of stabilcoin is more than sufficient. usdt, usdj, busd, usdc, dai, and many more are already circulating, adding more stabilkoin will not be good I think.

I think all crypto is about decentralization, it was created for only such projects, coins, I hope every crypto currency and exchanges  will be decentralized

I guess we need more than just decentralized stablecoins in crypto world today, the governments are making move to acquire users data from centralized exchanges, developers need to start coming up with safer platforms for crypto users not some useless DeFi junks that can't withstand hacks and thefts, the most failed projects of 2020 are decentralized projects

I think we already have some decentralized stable coins in the cryptoqurrency market, then why do you wish to have more decentralized stable coins? Isn't USDT good, has large users, many traders use it as a trading pair coin, USDT is also known to keep its value, I think USDT is enough, no need for other stable new decentralized coins.

Stablecoins will be utilized wherever Yes certainly need to have more decentralized stable coins later on the grounds that when worldwide appropriation occurs and making it as a substitution to fiat then the interest will be high.

I think we don't need too many decentralized stablecoins right now, we just need a lot of competing stablecoins to thrive.
Because developing a decentralized stablecoin is difficult, and getting users is another particularly difficult challenge. Therefore, the development of competition between decentralized stablecoins will help the reputation of businesses increase. All of them have to try to do the best they can to serve users to gain a higher market share and from there they will be profitable in the business. Do you think this is a better plan?

It is difficult to break the dominance of USDT as a stable coin adopted by most exchange even though we have more stable coin issued. I don't really know much about the USDT case that poses a potential risk to its users. But so far USDT is still the stable coin adopted by exchanges. I believe the OP want a more stable coin that exchange can adopt, but realizing that might be difficult.

I lost all my interest in USDT upon learning about the freezing of tokens in Ethereum wallets. I have read about this and there is code in Solidity allowing ERC20 tokens to freeze. Tether also runs on other blockchains and I have no idea about Omni but it is 100% certain they can do the same with Tron Network and their TRC token as Tron also uses the Ethereum Solidity language for smart contracts.
I would prefer DAI over any centralized stable coin but perhaps this one line of code that allows freezing of tokens is what the banks and governments will be more interested in.

First, i think address been freeze happens to be accounts with a suspicous activities. like wallet that stole from other people, hackers and the rest of them. we need more stablecoins to balance the system and reduce the issue of monopoly which can be played by usdt and usdc if not properly checkmate. For now, the available stable coins are perfect and functioning properly.

Currently tether stablecoin is famous. Centralized stablecoin is much easier to use than decentralized. But if u dont like usdt you can use dai or usdc also. So it's your choice dude.

I think it is quite a stable number of coins
that exists for now, if with the same concept and purpose they no longer need additions because the core of a stable coin is to make the coin price stable, it cannot be dumped or pumped, stable according to the value of fiat money. in fact in my opinion, stable coins are like fiat money that has infiltrated crypto.

In my opinion there is no need to increase the number of decentralized stablecoins, that is enough with the current decentralization of stablecoins.
Increasing the number of decentralized stablecoins will only create unnecessary competition. Because adding coins that have the same function,
only creates new problems. But for now I am more comfortable using the centralized stablecoins, because they work properly. Moreover, centralized stablecoins are already listing on many popular exchanges, thus making it easier for users to move funds from one exchanges to another with centralized stablecoins.

Right now we have dozens of stablecoins and I agree that the number needs to be reduced. Competition is always good, but if everyone of the exchanges create their own version of the stablecoin, it will create unnecessary complications for the user. Why can't multiple exchanges use the same stablecoin, managed by a third party issuer? It will make the stablecoin more safer as well.

I don't have any doubt that people often need to have a backbone in any market. It is USD in global financial market. It is gold in precious metal market. It is bitcoin in crypto market. It is ETH in ERC20 token market. It is Tether USD (USDT) in stable coin market.

What can be concluded from it? Tether USD will be a first biggest stable coin for many years. I know what people are trying to accuse Tether USD on their real backed asset for their minting USDT but I believe it will be the main stablecoin on the market. I don't need more centralized stablecoins and decentralized stablecoins you heard about are centralized stablecoins.

From a trader's standpoint, a stablecoin's organized structure/model is not of much importance. Regardless if a stablecoin is centralized or decentralized, they all can be easily traded on the market for quick returns. The main issue would be relying on a centralized stablecoin for long-term investments. That's largely because centralized stablecoins are subject to fraud, manipulation, and corruption. They can easily be taken down in a blink of an eye. The average person needs something reliable they can count on for years on end. That's where decentralized stablecoins come into play. With DAI and USDJ on the market, centralized stablecoins' dominance will be greatly reduced. Still, USDT and USDC are the biggest centralized stablecoins on the market with a very high liquidity. DAI may be popular, but it's still far behind USDT in terms of liquidity and mainstream adoption. At least, the protocol works as intended by delivering a decentralized stablecoin backed by crypto assets on the Blockchain. With DAI, no central authority dictates will happen with your holdings in the long run. As Tether continues to freeze addresses on the Blockchain, people will flock to decentralized alternatives. Both DAI and USDJ could experience greater adoption in the mainstream world because of Tether's nefarious actions.

Nonetheless, we need more decentralized stablecoins as there aren't many around in the crypto/Blockchain space. As long as there are more centralized stablecoins than decentralized ones, the industry won't be able to fulfill its promise of eliminating the middleman from the system. It's all about decentralization, and censorship resistance in order to be able to stand the test of time. Centralized stablecoins will come and go, but decentralized ones will last a lifetime. Everything will depend on how people are willing to support one type of stablecoin from the other. I wouldn't worry much about USDT as long as we have decentralized alternatives on the market. Just my opinion :)

Do we really need decentralized stable coins? As for crypto exchanges centralized exchanges are taking the lead and even the best stablecoin is centralized stablecoin too (USDT), can you see that error? The most failed projects this year are all DeFi (decentralized Finance) projects, the word 'decentralized' is slowly fading

People think it is easy to maintain the peg of a decentralized stable coins, it is not. As long as Cryptocurrencies are still highly volatile then it will be a tough job for developers of Stable coins to maintain is peg, unlike Fiat backed Stable coins that all you need is just a Dollar in the bank for every Stable coins you release to circulation and another issue is the adoption by the market, how many of these Decentralized stable coins are being used by traders apart from DAI

This is the impact of the doctrine we get in school and also the ego that is within us. Since childhood, we have always been accustomed to having third parties in all our needs.
"As social beings" is a word that makes us always need a third party, or if we discuss here it is a centralized party.

It is very difficult to achieve a decentralized civilization, because indeed the existence of a third party is related to business. Money can be the best stimulus to serve the public, but money can also be quicksand that engulfs people to indulge their egos.

I support you, that we do need a strong decentralized stable coin, but I think that's too idealistic for now.

decentralized stable coins are still not popular to used, if someone makes it, of course it will be difficult to make it popular and it will take time,
because the stable coins used today are still USDT, DAI, and USDC, these three are very popular.

Now this is not exactly a stablecoin per say, but if you are interested in a coin that can hold it's price, protect against dumps yet still increase in value you should check out Bitbay (not the exchange). It's a unique coin with what I would call a revolutionary "dynamic peg". All it needs is some volume and it really shows what brilliant piece of technology it is. And no, it's not pegged to a third asset of any kind.

Decentralizing everything seems to be impossible, considering how long society has been accustomed to third-parties. The only way this would work is if robots take over the world. This, combined with AI and Blockchain tech, should bring us full decentralization. But it's only a dream, since we all need human interaction at some point in our lives. As far as stablecoins go, I believe none of them are truly decentralized. Even DAI is subject to manipulation by its own issuer (known as Maker). The ones behind DAI can increase/decrease collateral, and adjust certain mechanisms in order to maintain the cryptocurrency stable. That's largely possible because of the stablecoin's programmable nature. While it may seem to many DAI is decentralized, there is still a small portion of centralization based on what I've explained earlier.

At least, crypto/Blockchain tech's open source nature will keep it going for a very long time. Stablecoins were created with the sole purpose of bringing Fiat's convenience to crypto users. They behave as any bank-issued Fiat currency, making stablecoins completely different than traditional cryptocurrencies we know and love today. It's still a choice for anyone looking to take advantage of the stability of Fiat without the need to cash out crypto to a bank account. With many options available on the market today, there's a stablecoin for everyone. Decentralized stablecoins or not, the industry will be here to stay. Just my opinion :)

I satisfied with BUSD, USDC, USDT, DAI, and I believe there are more stable coins in crypto space, presently I don't have a thing for decentralized or not decentralized projects, if a project works as intended I have no problem using them, I'm more satisfied with USDT because it's widely supported on all crypto exchanges and it has the highest volumes too, I don't need another stablecoin, all these are more than enough.

The fact is that no one asks and will not ask for our opinion when issuing stablecoins. Any kind of money has the right to circulate. Stablecoins will generally always be centralized as they are backed by centralized state currencies.
In the next few years, on the contrary, digitized stable currencies of states will be massively issued and it is quite possible that they will to some extent displace all other types of means of payment. In any case, governments are counting on it.

That's certainly true, mate. Decentralized or centralized stablecoins wouldn't make much difference if they're backed by government-issued currencies. Crypto is all about being an alternative to the current monetary system by providing people a new kind of money that's backed by algorithms instead of a central authority. Believe me, stablecoins are nothing more than a glorified version of Fiat. They're essentially experimental versions of CBDCs (Central Bank Digital Currencies). While decentralized stablecoins are backed by crypto assets and algorithms (instead of real world currencies), they're essentially governed by the issuer (like it's the case with DAI). We might as well forget about decentralizing stablecoins, as they rely on centralized currencies. Stablecoins are certainly useful for traders, but extremely risky for long-term investors.

Nonetheless, time will tell us the fate of the stablecoin industry as governments devise new regulations that would either stifle or stimulate its growth. With most governments' skepticism towards crypto/Blockchain tech, one would guess they won't be friendly towards stablecoins. The situation is worse when stablecoins mimic Fiat in every way. Governments wouldn't want stablecoins to replace Fiat in its entirety, leading them to crack down on stablecoin issuers themselves. At least, traditional cryptocurrencies will be able to stand the test of time as they're independent (sort of) from the current monetary system. Just my opinion :)

for sure stablecoins should be decentralized, the security should be provided by independent tech base. because of this i pay my attention mostly on promisiing stablecoin dex projects

I dont think we need any more stablecoins on the grounds that they all fill a similar need.
I never like centralized cryptocurrency either, stable coin, however for me any sort of centralized cryptocurrency is certainly not a genuine cryptocurrency. However, I don't think we need more decentralized stablecoin. Indeed, even as I would see it, we as of now have an excessive number of stablecoins. Very few contrasts among one stablecoins and the others.

Absolutely precisely, you have given a description of all centralized and supposedly decentralized stablecoins artificially replacing Fiat. Hence the conclusion - Decentralized Finance (De.Fi.) this is a blind imitation of the existing monetary imitating Fiat system, in my opinion, this will lead to even greater discrediting of cryptocurrencies, since today only the lazy do not print so-called stable coins. What is the point of Stablecoins pegged to the dollar or to any Fiat currency if they can be printed as much as you want? On the contrary, it is necessary that the Fiat issue should depend on the total real volume of the decentralized world economy, and not on the whim of the local authorities, but these are my illiterate fantasies.

Blacklisting of users addresses is a bad move by the issuers of stablecoin because it goes against what they stand for as the decentralized solution to owning and keeping fiat.
Although they aren't decentralized but the moment they start freezing wallet addresses of users, then they start to act like the banks.
I will also like to see more decentralized stablecoins, that is what the Blockchain really needs and serious crypto users should adopt

Couldn't agree more with you, mate. Blacklisting addresses is nothing more than bringing censorship to the Blockchain. This is something crypto was meant to avoid in the first place. Why do we need stablecoins when we already have banks? Stablecoins are nothing more than a tool for traders to maximize capital and reduce wait times as much as possible. For the rest of the people, they're a nightmare. Imagine storing all of your life savings into a stablecoin, only to lose it all in an instant after being blacklisted. It's insane, if you ask me.

Decentralization is what makes crypto a stronger competitor against banks. We need as much decentralized stablecoins as possible in order to bring the convenience of Fiat while still maintaining people's freedom. As far as I'm aware, there's only one decentralized stablecoin (which is DAI). There used to be another one called NuBits, but it lost its peg a long time ago. The problem about decentralized stablecoins is that they're backed by algorithms or crypto collateral, making them lose their peg over time if all else fails. Each stablecoin has its own advantages/disadvantages, so it's up to you to decide which one to use for your own benefit. Just my thoughts ;D