Cake wallet - Requesting honest reviews

[NotATether]

• european defi support - trade & earn across borders

Why

Who among here actually uses EUR stablecoins?

[apogio]

Why

Who among here actually uses EUR stablecoins?

I 've never heard of EUR stablecoins. What are they? I guess you 're talking about this one: https://coinmarketcap.com/currencies/euro-coin/. The market cap is $210M. I could never see a reason for USD Stablecoins to exist, apart from trading (for example on Hyperliquid DEX trading platform, or Binance's trading platform). I guess the EUR Stablecoin isn't a lot different, in terms of purpose and utility, is it?

[virasog]

Why

Who among here actually uses EUR stablecoins?

I 've never heard of EUR stablecoins. What are they? I guess you 're talking about this one: https://coinmarketcap.com/currencies/euro-coin/. The market cap is $210M. I could never see a reason for USD Stablecoins to exist, apart from trading (for example on Hyperliquid DEX trading platform, or Binance's trading platform). I guess the EUR Stablecoin isn't a lot different, in terms of purpose and utility, is it?

Maybe that is just a tactic to attract the European nations to use the cake wallet, but I really don't think it's anything useful and the targeted audience is very small. EUR stablecoins may be the cryptocurrencies backed by euro reserves,and one example that comes to my mind is EURC (issued by Circle). While the USD stablecoins that are dominated globally like USDT but EUR stablecoins marketcap is way less because they cater specifically to Eurozone users and businesses.

[pooya87]

From what I've seen the EUR stablecoins are just like any other token the copycatcoin creators created. They needed something that is not the repetition of previous projects (ie. multiple USD stablecoins) so they created a EUR one instead. As we can see the firs-mover aka Tether is dominating the stablecoin market...

[apogio]

Maybe that is just a tactic to attract the European nations to use the cake wallet, but I really don't think it's anything useful and the targeted audience is very small. EUR stablecoins may be the cryptocurrencies backed by euro reserves,and one example that comes to my mind is EURC (issued by Circle). While the USD stablecoins that are dominated globally like USDT but EUR stablecoins marketcap is way less because they cater specifically to Eurozone users and businesses.

From what I've seen the EUR stablecoins are just like any other token the copycatcoin creators created. They needed something that is not the repetition of previous projects (ie. multiple USD stablecoins) so they created a EUR one instead. As we can see the firs-mover aka Tether is dominating the stablecoin market...

All this unnecessary crap... Anyway, I guess it's obvious what they are, I just thought that since they weren't already established, that they would never become a thing. Imagine how many stablecoins are yet to come... GBP stablecoin, JPY stablecoin, CHF stablecoin etc...

[Pmalek]

All this unnecessary crap... Anyway, I guess it's obvious what they are, I just thought that since they weren't already established, that they would never become a thing. Imagine how many stablecoins are yet to come... GBP stablecoin, JPY stablecoin, CHF stablecoin etc...

Don't forget that banks and central banks will also look to create their own versions of tokenized assets and stabelcoins as the demand increases. If you can't beat them, join them, right?

Anyway, EURC and other EURO-pegged stablecoins is not something anyone should pay attention to unless they live in the EU zone. Even those in the EU don't have to care. We know that tether with its USDT has been banned in the EU for not being compliant with MICA regulations. Crypto traders in the EU can therefore use USDC or a EUR-pegged stablecoin if they prefer those. Both EURC and USDC have the same issuing company in Circle.

[apogio]

Anyway, EURC and other EURO-pegged stablecoins is not something anyone should pay attention to unless they live in the EU zone. Even those in the EU don't have to care. We know that tether with its USDT has been banned in the EU for not being compliant with MICA regulations. Crypto traders in the EU can therefore use USDC or a EUR-pegged stablecoin if they prefer those. Both EURC and USDC have the same issuing company in Circle.

I live in the EU, but it's definitely not something I 'll pay attention to. I 'll be honest though, I have used USDC in the past when I used to use CEXs. I was using it as a medium of exchange between cryptocurrencies, when I was trading (not something I am proud of because of the bad results I had). Well, back then, it was working well because Binance has made a cool and easy to use trading platform. So I don't neglect that some people may find these coins useful.

I just dislike the fact that it's too easy to create a coin and put value in it. Of course, if the coin is ignored, then there will be no value in it.

[pooya87]

All this unnecessary crap... Anyway, I guess it's obvious what they are, I just thought that since they weren't already established, that they would never become a thing. Imagine how many stablecoins are yet to come... GBP stablecoin, JPY stablecoin, CHF stablecoin etc...

Don't forget that banks and central banks will also look to create their own versions of tokenized assets and stabelcoins as the demand increases. If you can't beat them, join them, right?

This is what I think will eventually happen and it would be a good news if you ask me because centralized stablecoins issued by central banks will have less disadvantages compared to the same thing issued by some shady company like what we currently have. And they won't run the risk of being shut down overnight (eg. Tether could be shut down anytime).

But the problem is the slow development. I wrote something about it 3 years ago and I am surprised that we still haven't seen any major development in that regard: https://bitcointalk.org/index.php?topic=5394515.0

[Pmalek]

This is what I think will eventually happen and it would be a good news if you ask me because centralized stablecoins issued by central banks will have less disadvantages compared to the same thing issued by some shady company like what we currently have. And they won't run the risk of being shut down overnight (eg. Tether could be shut down anytime).

But the problem is the slow development.

Banks are slow in adopting new technologies because they don't like taking those risks. They work with their decades old systems and would rather continue to do so as long as they can. They are also heavily regulated and bringing in something like a bank-native stablecoin would require a lot of work and compliance on their part. Take SWIFT for instance. It's decades old but banks worldwide still rely on it for international payments in 2025.

The biggest motivation for banks to adopt new tech will be profit. Or the lack of it. If their profit margins start decreasing significantly to the point of it becoming a worry, they will act faster.