Why Binance Is Enthusiastic About Stablecoins?

[CryptoGirl7]

Binance has unveiled a series of new products and features relating to stablecoins — with the world’s largest cryptocurrency exchange describing these digital assets as “an efficient fiat gateway into crypto.”

Stablecoins are often pegged with a fiat currency, meaning one unit can equate directly to 1 euro or $1. With new coins emerging all the time, the industry is evolving quickly, prompting the company to launch a stablecoin market in which its consumers can benefit from pairings with other cryptocurrencies.

The crypto-only exchange now supports five stablecoins in total: Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), StableUSD (USDS) and Tether (USDT).

Binance CEO Changpeng Zhao has been vocal about his support for stablecoins, as he believes they offer “far more freedom than traditional fiat for users” and help regulators maintain control. In November, the exchange introduced its combined Stablecoin Market, creating a place where a broader range of assets can be used as base pairs.

Binance asserts that “it is now often more efficient to buy cryptocurrency via stablecoins than through a fiat exchange” — not least because of how stablecoins are less susceptible to high transaction fees and market volatility.

Read more here https://bitcoin2day.net/why-binance-the-worlds-biggest-crypto-exchange-is-enthusiastic-about-stablecoins/

[NeuroticFish]

When people work with fiat, the legislation in most countries asks for KYC over certain limits.
When people deposit or withdraw stablecoins, the KYC related laws have no reason to come in.
And somehow Binance tries to avoid implementing KYC. My feeling is that it's more than just protecting its users' privacy...

[takngantuk]

I think Binance believes the future of Crypto is in a stable coin. if you want to make crypto received by the government one way is to stable coin.

[mrdeposit]

What they earn from the BNB is not enough? There are tens of stable currencies on the market today and every day increases. Stable coins are good, but I do not know how accurate each exchange creates a new one for itself.

[Petchant]

I think Binance believes the future of Crypto is in a stable coin. if you want to make crypto received by the government one way is to stable coin.

But if all coin is stable, how are we going to make profit from the system so far everything will be fixed and there won't even be any urge from people to invest. I think the future for mass adoption of Cryptocurrency is dual-coin platform which will include stable coin for hedging and non stable coin for powering the operation of the platform

[Gab20]

That is one of the best ways to bring about sustainability in the crypto space, as well as longevity.
Binance CEO is seeing into the future and I do not doubt such words, most especially seeing it come from someone like him.

[slaman29]

When people work with fiat, the legislation in most countries asks for KYC over certain limits.
When people deposit or withdraw stablecoins, the KYC related laws have no reason to come in.
And somehow Binance tries to avoid implementing KYC. My feeling is that it's more than just protecting its users' privacy...

I agree here. I have always wondered how long more Binance can move from jurisdiction to jurisdiction. They're a business, so they should have to comply with regulations and they know that they wouldn't have grown this quickly if they had to do strict business ethics like say with Coinbase. For example all those trading competitions, and then just listing any token almost.

Stablecoins might be a way to also remove those obstacles for them. If they could simply trade in all the different national stablecoins, imagine that.

[liuqi]

What they earn from the BNB is not enough? There are tens of stable currencies on the market today and every day increases. Stable coins are good, but I do not know how accurate each exchange creates a new one for itself.

It is not good for you or laymen. They are implementing stable coins to convert the coin at the time of peak and make money of it. One more thing they are implementing it for the good trading experience on their site only, he will not think also for the crypto community survival or anything
Exchange is their base product so they will come with one coin to make supply and transaction over that concern coins.

[shoreno]

stable coins are available on almost any exchange not only on binance  . the reason why they love stable coins is that stable coins can save you from the hazards of volatility  . its not surprising at all if you see a huge demand from stable coins because stable coins are indeed verry useful  .

I think Binance believes the future of Crypto is in a stable coin. if you want to make crypto received by the government one way is to stable coin.

But if all coin is stable, how are we going to make profit from the system so far everything will be fixed and there won't even be any urge from people to invest.

no one said that all coins are stable  . the reason why investors are here is because of the unstableness of crypto  but its not bad to  create a couple of stable coins because as  i said earlier stable coins can secure the value of you cryptos  .

[yanoaziz]

stable coints are very good for mass transactions like USDT but do we still need more stable coins ... Huh
I think that can happen if the need for real transactions in the community between countries happens, maybe ...
but basically the main goal of cryptocurrency is not to make stable coins or just a business opportunity to earn money

[klaaas]

They want to expand and get even more influence in the crypto space.  All this under a binance branding can be a thing to fear in the future.

[Crypto Girl]

no one said that all coins are stable  . the reason why investors are here is because of the unstableness of crypto  but its not bad to  create a couple of stable coins because as  i said earlier stable coins can secure the value of you cryptos  .

Hence it will be good if this stable coins will really be backed and don't just claim it's backed even it's not. That's different story though.
Binance already studied and analyze the possibilities that will occur for having stable coins so now they wouldn't afraid to put more effort towards it.

They want to expand and get even more influence in the crypto space.  All this under a binance branding can be a thing to fear in the future.

Not really, I guess.

[Thanasis]

stable coints are very good for mass transactions like USDT but do we still need more stable coins ... Huh
I think that can happen if the need for real transactions in the community between countries happens, maybe ...
but basically the main goal of cryptocurrency is not to make stable coins or just a business opportunity to earn money

Why we need stable coins for mass transactions? Bitcoin can be used for huge transactions and the units will also get reduced greatly.

Stable coins are not safe to buy at any time because they can change their policy and we will lose the value of our holdings.

[leea-1334]

When people work with fiat, the legislation in most countries asks for KYC over certain limits.
When people deposit or withdraw stablecoins, the KYC related laws have no reason to come in.
And somehow Binance tries to avoid implementing KYC. My feeling is that it's more than just protecting its users' privacy...

But if crypto wants to seek the same status as fiat, as in Japan where Bitcoin is legal tender alongside USD and Japanese yen, then you must accept that crypto will also be given the same rules and expectations as normal money. Because Bitcoin and most other crypto, however, have no central bank, it is these socalled stablecoins that are the most likely to allow the same centralized control that central banks have on fiat. Thus is stablecoin viable in the industry now as proven by Tether despite all the scandals. So Binance sees this and thinks it can do the same.

[Psynthax]

stable coints are very good for mass transactions like USDT but do we still need more stable coins ... Huh
I think that can happen if the need for real transactions in the community between countries happens, maybe ...
but basically the main goal of cryptocurrency is not to make stable coins or just a business opportunity to earn money

Why we need stable coins for mass transactions? Bitcoin can be used for huge transactions and the units will also get reduced greatly.

Stable coins are not safe to buy at any time because they can change their policy and we will lose the value of our holdings.

Bitcoin has volatility and that will not become a good choice to cash our profit and then convert it into the bitcoin even if that was the best coin all the time. the safety of the stable coin can be achieved if each stable coin will have backed by each dollar. that's the main point to make the stable coin will be safe.

Binance only tries to add stable coin because there was a lot of demand for that too. traders are not only thinking about how to get profit but they always thinking about how to secure their profit too.

[Pffrt]

Stable coin is needed for the liquidity of asset. Investors are using it hugely. If you consider as a business mind, binance must have provided option of stable coin.

[milewilda]

When people work with fiat, the legislation in most countries asks for KYC over certain limits.
When people deposit or withdraw stablecoins, the KYC related laws have no reason to come in.
And somehow Binance tries to avoid implementing KYC. My feeling is that it's more than just protecting its users' privacy...

I agree here. I have always wondered how long more Binance can move from jurisdiction to jurisdiction. They're a business, so they should have to comply with regulations and they know that they wouldn't have grown this quickly if they had to do strict business ethics like say with Coinbase. For example all those trading competitions, and then just listing any token almost.

Stablecoins might be a way to also remove those obstacles for them. If they could simply trade in all the different national stablecoins, imagine that.

For sure they are aiming that goal which is just normal for a business who do actively striving to give out the best possible service among into its users and this is the thing what i do like with Binance.Just like
NeuroticFish said this is just more than on protecting its users which is really a valid point.For now Binance is doing things which most crypto people do really need in terms of privacy.
Enthusiastic or not with stable coins as long they are on the right track they would really be ahead on the competition.

[batang_bitcoin]

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