Bitcoin Forum

Hey guys, is there any stable coin that supports Chinese currency aka Yen? We have BUSD, USDT, USDC that are backing the United state dollar, what about China's very own currency?

Also what do you think about USD future? Is it possible that USD might lose value on coming months? Will stable coins start to lose it's value? I am holding BUSD for dips on BTC but I still have alot, waiting for 12,000$ per BTC before buying but the scary news about USD losing its cool scares me.

USD is losing value as we speak. It's called inflation and this year it's big.
It doesn't mean 1000 USDT will become 900 USDT. It means that if you go to a grocery store with 20$ you'll buy less stuff than one year ago.
I will add that right now USD being strong it simply means the other fiat currencies are even worse. Plus, never trust in news from China (I don't say they're fake news, but the event you're scared of may or may not actually happen, there's no certainty at all).

Then, Yen is the Japanese currency, China has Yuan. But I would not go for various "exotic" stable coins, since, depending on who is issuing them, the may not be as stable as their advertise (never forget what has happened with LUNA). There are gold-backed stable coins, you can look into altcoin announcements, some are pretty old and reliable (but some may be charging you for depositing the actual gold on your behalf!!), still, it's a risk there and you have to be willing to accept that risk (trust the issuer + trust that the underlying asset - in this case gold - will not go down).

I will add that $12k per bitcoin may or may not happen, hence DCA may be a better strategy than waiting and risking to miss the train.

Chinese yuan-backed stablecoin, CNH Tether (CNHT) was created in 2019 which I think was created by Tether. The marketcap is very low an not worth going for or the project is now failed, probably.

US dollar is strong this year, but fiat can be devalued at any time. If dollar is devalued, the fiat pegged coins are also having fiat value, which means they are also devalued.

Yuan is the official currency for China
Yen for Japan

I think you are talking about Yaun.

The token that pegged with other currency beside USD are have very low market cap, so you will have a problem when you want to sell your token in the future.

USD value always decrease since every fiat have inflation, since stable coin are pegged with USD value, of course stable coin value will keep decrease since they're follow the fiat value.

BUSD is a centralized stable coin and not safe to hold for long time, I suggest you to convert to DAI or your local fiat money.

You don't need to wait Bitcoin to hit $12K if you want to start buy Bitcoin, you can do averaging down or DCA.

In China, the digital yuan e-CNY is in circulation, but it is not available for purchase on cryptocurrency exchanges. Despite the fact that the purchasing power of the dollar is declining, keeping money in the yuan is absolutely not the right decision. The yuan is also subject to inflation, but at the same time it depreciates against the dollar.

The digital yaun e-CNY is just like every other CBDC created to distract people from cryptocurreny. It still shares same disadvantages with other CBDC's and cannot really be encouraged.
https://101blockchains.com/central-bank-digital-currency-pros-and-cons/

Inflation is nothing new mate! Now the concern here is high inflation.USD and any other currency is bound to loose it's purchasing power. The same will happen for stable coins as well if they are backed by USD or any other currency. However, it works in a different way.

1 BUSD will remain as 1 USD but what you used to purchase with 1 USD, will now be sold at higher than 1 USD. That's how it works! Apparent value will remain same while the pur having power will decrease.

Also don't wait for bitcoin to come down to 12k as it may never happen. Start from today and buy in small quantities to average out the buying price.

USDT, BUSD or any other stable coin is not officially from the government but its backed by the value of USD, as far as I know there is no project which is backed by the value of Yuan but I remember China launched their own CBDC which is named as Digital Yuan which is officially from the government and if you feel you need yuan then purchase it and feel safer. ::)

Ok...

So... Here you can see just how much $USD was printed from basically thin air when covid began.

Quote from Google:  "M1 is the money supply that is composed of currency, demand deposits, other liquid deposits—which includes savings deposits"

https://fred.stlouisfed.org/series/M1SL

As you can quite clearly see, the printing started in 2/2020. It continued until ~2/2022 ... Now.. Go read this book, you can find it on the internet for free I imagine if you look hard enough.

THEN... You will start to understand what a SCAM the FED is and what/why this is all happening...

https://principlestudies.org/reviews/creature-from-jekyll-island/

;)

USD will lose its value in the coming months? where did you see the news about this? it would be better if you attach a link that refers to the news you read for validation purposes. I don't think you need to worry about USD. USD is the strongest currency at the moment.

Possibly, nobody knows... Look here:

https://thehill.com/policy/3673894-un-warns-of-a-global-recession-as-countries-race-to-lower-inflation/

Again, go read:

https://principlestudies.org/reviews/creature-from-jekyll-island/

And you will understand what is going on now... but ofc, nobody knows the future. ;)

I found CNY on Binance P2P. If this is OP wants to do.
I was also planning to move some of my stablecoins to Yuan in case the currency will be widely used. If OP's purpose is to make money in trading USDT/CNY I think it's very much possible when the value of USD goes down. Unfortunately, it's not happening. It will take a black swan event for this to be foreseen.

It is crazy to think about it but this is true, the dollar despite all the currency which has been printed since the COVID pandemic started and the huge problems the US government has with its debt is still the strongest fiat currency there is.

Yes, the inflation is very high but investors still have trust in it, however we do not know for how long something like this can continue, so it is a good idea to not hold too much USD at the moment and look for a store of value.

Thanks for this info. I am thinking too about it, which currency will hold its value even with the inflation ongoing. But its kinda hard to choose or which country will be strong or stable against it. But we cant put so much trust on btc as it has volatile value and could further down our asset value if its continue to go down. In your opinion, which one is likely to at least be good to have (currency).

Chinese currency is RMB/Yuan, not Yen. Yen is for Japan, JPY(Japanese Yen).

AFAIK, they're already making their own CBDC and it's on the trial. Check the article: China to Extend CBDC Trial to Most Populous Province, Guangdong, Three Others: Report (https://www.coindesk.com/policy/2022/09/20/china-to-extend-cbdc-trial-to-most-populous-province-guangdong-three-others-report/)

Stable coins value depends on the value of the currency itself. Just as the crypto market, the value of USD is too volatile these days but mostly, it's going up due to the moves that the Federal Reserve made. We don't know how long it will stay at the current top of its value but, just as we know, everything that goes up will go down soon.

There is a reason why investors have taken shelter on the US dollar, they believe that it will be the currency which will have the best performance out of all the fiat currencies available.

And so far this has been true not only now but for decades whenever there is an economic crisis, however there is always an exception for every rule and I think we are getting close to the day in which the US dollar will not be a shelter anymore and instead all of those which used it to protect themselves will be destroyed by it, so be careful as the current conditions are very dangerous for your average retail trader.

I haven't heard of a stablecoin that is pegged on the Chinese currency. But hey it's not Yen. It's renminbi or yuan. Yen is Japan's currency.

Currently, USD is getting stronger against other fiat currencies. It's now even more bullish. But just take note that even if it is growing strong against foreign currencies, it is still losing value. Inflation is not zero. Goods and services will always be rising in prices and the USD losing purchasing power.

Are you sure the price per BTC would fall all the way to $12,000. You might just be waiting for nothing.

AFAIK, China is now on the test of their CBDC so basically, that's the stable coin in Chinese Yuan that you may want to have but I don't know if they'll publish or list it on exchanges.

Nobody knows what may happen to the value of USD. But we know that it won't stay at its current value forever so there's a chance that it may go into its dip but we don't know when. And as it drops in value, then the stable coins pegged in USD will just follow its path.

Good luck with that, it's also possible that we may not see $12k again.

CBDC and stablecoins cannot be put on a par, since in fact the former are one of the forms of national money, along with cash and non-cash forms. And since CBDC is the digital currency of the central bank, it does not refer to stablecoins, but to fiat.

As long as inflation continues to rise and interest rates rise, the USD will still dominate the entire financial market, which is undeniable. Currently the USD is considered the safest asset compared to other risk assets, but once inflation starts to fall and the world stabilizes, the USD will fall again and return to a certain level of equilibrium.

So if OP is holding USD it is appropriate but in the long run it is not a solution and OP waits for bitcoin to reach 12k USD I think it is very unlikely. If you want to buy, now is the right time to buy. waiting is not a good way because the market cannot go as we expect.

Maybe the dollar hegemony has come to an end, this is not certain, but it seems to me and many economists say so. Investors generally want to hold Dollars because the interest rates are increasing at the moment. This way, the dollar appreciates, but it will eventually depreciate drastically to DXY. Anyway, I think you should not keep your money in one stable coin, you can share it with other stable coins at the same rate and you will feel more secure.

It is possible that the price of bitcoin will not decrease to 12 thousand dollars, but there is no doubt that it will continue to decline. In such cases, it is necessary to buy in parts as the price decreases. So DCA remains the right strategy to get a good average purchase price.

don't worry about the USD losing its value, because it will never happen for now, it is proven that everything is still dependent on the USD,
even now the inflation that is happening in the United States also has an impact on the whole world, including Asian and European countries,
is still far away if you think USD will lose value, so stay calm and just focus on your investment.

Haven't seen one but there are now CBDC's which represent each country's currency and I think china have created one of it already. I think it's called digital yuan.

USD future is going to be gloomy because it is said that U.S has an unpaid debt and there are talks that they may not pay it. Apart from that, we are also facing a recession and then inflation which can also affect it. Not only USD but I think other country's currencies are also going to be affected with it. Their value can also decrease. Stable coins are backed by dollars so it is possible that they can also lose a value. I think this is alarming since many people are using them now. Maybe what happened with algorithmic stable coins can happen again.

Well it is not like the USD is going to vanish or go extinct in the future, it is too strong a currency for that to happen, prolly the strongest fiat currency in the world, thus the only thing i know and think about the USD in the future is that it is going to lose a lot of its value as a result of inflation which is currently a global issue with no end in sight.

Having said that, of course if the fiat currencies pegged to the stable coins you are holding lose some of its value, it invariably affects your stable coin, mind you also that stable coins aren't safe to hodl, quite a lot of things can go wrong when you hodl stable coins, that's the thing with centralized services, you might want to reconsider and buy that Bitcoin now and move to a decentralized network were you the owner are in control and have freedom to use your funds how you like.

Holding stable coins for the long term is a big no for me, I can see why they serve a function for traders and investors which want to get out of a position they opened and they need to get stable currencies as they would like to get back in the market soon.

But by holding stable coins you are taking an additional risk, as now not only you are being affected by inflation, you could also lose all your money in the case the institution behind the stable coin collapsed, something we know it can happen as we saw one of these examples recently.

the usd already lose its value since 70's and pretty much all the fiat too. the inflation is very high and the fed increase the rates so the inflation can be slowed but we already fu*ked up

and as far that i know there is actually a lot stablecoin not just USD there is EUR, IDR, CNH, MXN the CNH and MXN is exist on etherum chain you can see at https://tether.to/en/transparency/ here

It seems there are a lot of misunderstandings when it comes to stablecoins, people must aware that stablecoin is 1:1 or pegged with some fiat currency per country.
So, if the USD is losing value, then stablecoins for USD like USDT and USDC will have the same value as it's they are pegged only.

We'll never know when USD will stay above or pumping. For me, the current USD value versus other currencies is really strong. But I will not consider it forever, there are some time in the future that it will pullback or correction. But for now, USD is owning, I admit it.

USD "may" look better compared to other currencies, but it is still worse than btc in my mind. If I was offered $1000 worth of USD or same amount in BTC, I would always pick btc, and would keep that in my wallet.

I rather end up with something that could gain value in the long run, even if USD is losing value slower than other currencies, it is still losing value and that is a big deal. What you can buy with $100 today can't be really same next year with the same $100 and that is why I would prefer to have bitcoins. Do not be fooled by USD doing better than other currencies, those are all fiat it is competing with, and that is a big problem.

Correct, economist are praising the US dollar because it is crashing slower than other currencies and somehow they want to make us believe that is a good thing.

Now some may argue that bitcoin also crashes from time to time and that is true, but bitcoin does something the USD dollar will never do, which is to reevaluate itself over the long term, and we have ample evidence this is the case as the dollar has lost 98% to 99% of its purchasing power during the last 100 years, while bitcoin in a little bit more than a decade has gone up in value at an incredible rate.

Actually, the USD has lost its value, it's just that because everything is always compared to the USD so that it makes USD has not lost anything but actually it has, but USD is performing better than other fiat such as with IDR (my country's currency) which is weakening with the dollar, lucky for those who always keep the dollar so that it can be an additional fund to prepare for the recession prediction which is believed to peak next year.
And one of the reasons why the dollar is performing better and can even survive in these difficult conditions is because countries will use the dollar when paying their debts and transactions in the world are dominated by the dollar.

If crypto exchanges in china were allowed like Bter a few years ago it is possible that they already have their own stablecoin and if this happens they will dominate.

I am sure that everything will be fine with the US dollar in the medium and long term. 

Yes, there is a lot of inflation in the US at the moment.  However, the Fed is pursuing a very reasonable and prudent economic policy.  In particular, at present, he is actively raising the refinancing discount rates.  The USA is a progressive, democratic country that has relied on the development of technology and liberalism. 

Therefore, the US dollar has a future and prospects.