Why do we need so many stablecoins?

[Rebellion359862]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

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[stableconf]

I would like to draw your attention to our upcoming event, the World’s first blockchain and crypto event on the topic of stable coins. Stableconf will be held in London 25-26th October. Bringing together stablecoin entrepreneurs, regulatory experts and general stakeholders from the public and private sector to hear and share their solutions and lessons so we can build together the bridges to a decentralized internet/economy.
Check out https://stableconf.com/

[Muhammad Muneeb]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

 we need stable coinst like TUSD or USDT to hedge the value of btc and eth or other currencues to avoid the volatility in the market. there are rumoers that the usdt is not backed by dollars so trust platform created the tusd which is backed by the us dollars. stable coins also have the limited supply so may be to address this issue more stable coins are being into existance to hedge the risk

[justsimpleram]

For we to have a stable investment and stable income from it. Because if we keep depending to the not stable coin we can go down or up so fast. And because of stablecoins we can buy some of not stable coin to have more profit from it.

[bahnfire]

I think we dont need too many stable coins. But sure we need some of them with fast and realiable ones. Because during our investments sometimes we want to change our tokens to usd . and if we buy these stable coins that is save our money in dollar value.  lately I see too many stable coins. The best of them will survive.

[btccrusher]

We need stable coins to hold the market liquidity in good conditions. Additionally, only stable coins can take cryptocurrencies to the mass use section, because most people denied using crypto for daily shopping becasue of its volatile nature. So we need stablecoins like USDT.

[NeuroticFish]

Some companies create new stablecoins, why do we need them?

The day traders, the speculators need them.
Since cryptocurrencies' price fluctuates (against dollar) they exchange their crypto in and out of these stablecoins and gain some % here and there (and they don't touch fiat money, so less tax issues, more exchanges they can work with and so on).
Also they can easily do arbitrage (buy at one exchange and sell at another) since transferring stable coins works much faster that with fiat money.

[shinratensei_]

Some companies create new stablecoins, why do we need them?

The day traders, the speculators need them.
Since cryptocurrencies' price fluctuates (against dollar) they exchange their crypto in and out of these stablecoins and gain some % here and there (and they don't touch fiat money, so less tax issues, more exchanges they can work with and so on).
Also they can easily do arbitrage (buy at one exchange and sell at another) since transferring stable coins works much faster that with fiat money.

But do we need a lot of stable coins? I know that we have USDT, TUSD, CKUSD and many more. We knew that most exchange sites are using USDT. I thought that these stable coins have created with a purpose.
CKUSD only traded on two platforms. I think these platforms are taking the advantage by creating their own stable coins. It's just an example.

[snipie]

Stable coins are essential in an unstable markets. Like when local currencies are devalued people switch to gold or anything valuable that remains more stable.
For cryptocurrencies, stable coins act as a valuable alternative to hide your assets until the next move of trade.

[netto7]

IF USDT not have any bad news before

i don't think other stable coin is create

[CreamIce]

We need stable coins to hold the market liquidity in good conditions. Additionally, only stable coins can take cryptocurrencies to the mass use section, because most people denied using crypto for daily shopping becasue of its volatile nature. So we need stablecoins like USDT.

But what about the validity of stable coins from a regulatory context?

[abdullahshafik]

Because the world market never bothers and sometimes gets reduced. So, if the market is denser, there will be less chance of lowering the value. As a result of the competitive price, the market can be sold and the planets will have the opportunity to be absorbed.

[waser12]

It is obvious that we don't need so many stable coins on the market, it enough just one. But those who create them just want to earn money.

[Lagduf]

For the means of wealth saving ofcourse, what other think do you expect? every stable coin I know always showing the transparency and proof that they owned the money to backup the stablecoin like Tether
If the company is already verified like that, a really small chance that the coin will become scam since there's backup money and is equal to the total supply.

[alian17]

Stablecoins can be linked to the US dollar. Maintain market stability. At present. Because the usdt issue is opaque. There has been a problem of additional issuance. So we saw many institutions issuing stablecoins. If these stablecoins can be regulated and transparently used. I think this is a good sign for the market.

[Ucoz]

I know only one stablecoin, it is Tether, it was stable for years now, but is there any other that are reliable to use and fix your money in times when market is folling?

[TastyChillySauce00]

I know only one stablecoin, it is Tether, it was stable for years now, but is there any other that are reliable to use and fix your money in times when market is folling?

Plenty i must say, Gemini USD, nomin that initally going to be released by HAVVEN if I recal correctly,Ekon by Eidoo that's tied with gold and other. But I often heard from people that in order to use Tether we need to verify KYC first and if that true, could be bothersome for
some of people that get into crypto by considering anonimity, other than that will be totally fine.
What I'm really waiting is Ekon that's tied to gold, sounds really interesting.

[KimJonnan]

The emergence of stable currency can promote people to convert money into stable currency. Ready to enter the cryptocurrency for the government.

[Suwycu]

We often see or write about the possibility of payments by crypto currency, but in the current format as bitcoin or Etherium it is not really done because of the big volatility, so for the calculation method you need a coin with low volatility, and to ensure low volatility you need to associate a coin with the value  fiat money or provided with valuable resources, which led to the idea of ​​creating stable coins, which most likely will now work for all countries!

[Xiahouyuan]

Stable coins are more suitable as a way to pay, and stable coins are also suitable for long-term holding! Compared to the new altcoin, stable coins are not easy to collapse! (loss)

[Huruharacorp]

For we to have a stable investment and stable income from it. Because if we keep depending to the not stable coin we can go down or up so fast. And because of stablecoins we can buy some of not stable coin to have more profit from it.

if we see good coins and have the potential to rise again, then the good time now is to buy when you find a good coin in this bad condition, believe and survive after buying is the best choice

[sinkfish]

supply and compatibility to different platform and country.

[Ucy]

Same reason we need Seatbelt and Helmets. It's common sense to add such safety measure to Cryptocurrency wallets and exchanges otherwise the Cryptocurrency World would be alot more risky and dangerous .

If you have a Car Racing Company and you want more people to use the cars, I guess the normal thing to do is to add some basic protections like seatbelts, helmets and others.

[Sponsoredby15]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

Tether is on e of the reason why Bitcoin is in the ground right now. Since Tether is not back up by real US$, they  use Tether to pump and dump Bitcoin that is why the US government is now on the process of Investigation in Tether.

[NeuroticFish]

But do we need a lot of stable coins? I know that we have USDT, TUSD, CKUSD and many more. We knew that most exchange sites are using USDT. I thought that these stable coins have created with a purpose.
CKUSD only traded on two platforms. I think these platforms are taking the advantage by creating their own stable coins. It's just an example.

Of course not. But I guess it's a good business for the ones issuing them, so.. they are issuing such coins.
Do we need so many similar altcoins? No, but we have them. Some moon, some survive, some die off. I guess that something like this is going to also happen with some stablecoins too.

USDT has some trust issues, although it's accepted almost everywhere (crypto exchanges).
I didn't hear of the others.
GUSD aims to solve the trust issues and has a chance to become a real competitor for USDT.

[Hudora]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

This is to ensure that we are confident in the future. And also in order to finally be able to pay with cryptocurrencies for the goods we need. This is necessary in order to make the coins more familiar. I think it will help to make the economy better

[senin]

It is obvious that we don't need so many stable coins on the market, it enough just one. But those who create them just want to earn money.

Stable coins, such as USDT, are very necessary for us. I think it would be very useful to have not only a digital copy of the dollar, but also other major currencies, as well as some national money. Harm from this will not be any, and the comfort will be great.

[BitcoinHodler]

because there is money in creating them and there is power to be gained if they can gain some popularity.

basically they will become the centralized authority to print money, and an easy money at that since it doesn't cost anything to print it. like Tether for example. right now the Tether company is the centralized authority who holds the coins, controls everything about the network and circulating supply and they are printing it and selling it to the masses and earning real money!

[Itsmylife]

Because we have many kinds of goods, services, and projects. Every one of them always needs a coin to represent in the crypto world. It looks like the stock of the company in forex.

[MancyZz]

It is obvious that we don't need so many stable coins on the market, it enough just one. But those who create them just want to earn money.

Stable coins, such as USDT, are very necessary for us. I think it would be very useful to have not only a digital copy of the dollar, but also other major currencies, as well as some national money. Harm from this will not be any, and the comfort will be great.

with the stable had indeed a very capable to produce much bigger gains and minimize the opportunities for receiving the risk too great.
 so very nice to count on it. like IOTA, EOS, and the Ripple that becomes stable coins this year.

[k.nero]

There’s whether USDT comes in, having a stable coin means that crypto transactions in place of fiat will be widely accepted.. but USDT to my knowledge has not been used for that.. we all hope to see something soon

[dgoswami12]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

The main purpose for stablecoin like USDT was introduced waa due to veey often big fluctuations in Crypto market , so that you can convert your assets in a stablecoin to not get into loss , but yes there are so many stablecoins now though I only use USDT & TUSD 

[RBEP-RBC]

We don't! But, we don't really have any good ones yet. And even if they are good it takes time for them to prove their functionality and ability to resist market stresses. You can't do that with just a whitepaper or even a few months of market testing. USDT is just an example of a shitty stablecoin that is successful because it was early. I cheer for all the better stablecoins to replace USDT and their shady operations.

[honghe99]

Most companies create stable coins to replace Bitcoin and attract merchants outside the market to use it! But for investors, you don't need such a coin, because Bitcoin has done everything!

[KOF97]

I think that stabilizing money is only a channel. In fact, you don't need so many stable coins. Only a stable currency approved by the government is needed. Excellent stable coins will accelerate the development of cryptocurrency. But U, S, D, T are not necessarily good, they may be suspected of oversold.

[Coin_Tracker01]

we don't, as simple as that. We really need only one that is truly trustworthy, stable and decentralized.

[Barbatos]

Now cryptocurrencies exist only on the Internet. It seems to me that if there are several stable coins, then we will be able to reach the level at which we will pay with crypto-currencies and receive salaries in crypto-currency. It will be a kind of progress

[MortonAlden]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

Well there is a definite need to have stable coins in the portfolio or wallet you’re storing in because the more it fluctuates, the more disrupted situation becomes. Coins like Paragon, Cardano and Stellar are excellent for long term.

[mahilchii]

Same reason we need Seatbelt and Helmets. It's common sense to add such safety measure to Cryptocurrency wallets and exchanges otherwise the Cryptocurrency World would be alot more risky and dangerous .

If you have a Car Racing Company and you want more people to use the cars, I guess the normal thing to do is to add some basic protections like seatbelts, helmets and others.

I appreciate the way you explained like supply and demand are key roles here. If the coins are not stable investors will lose trust as they think like this coin struggles a lot it creates a bad impact.

[miyaka26]

It's the same to a bunch of cryptocurrencies that serves the same purpose and features but claims they are better than anyone, competition, position, popularity, compatibility and being used in local, usdt has some issues from the past but I don't know what happened to the concerns about not backing by real us dollars, some have the purposes to serve local currencies and some of them offers better features, more to come I guess we should just avoid the fraud ones.

[kipoel]

I believe that would be used to maintain the price of a coin into a stable price.
That way will prevent the coin price to drop significantly or rise to much and then dropped.

[tsaroz]

Distributing funds in different options is always a good idea. We would not want to get stuck when a or some of them have problem or delays.
People would find is easier to have currencies fixed to the fiat they are used to.
And one day I hope these fiat fixed crypto would replace the need of forex as we have now.

[AngellSky]

Distributing funds in different options is always a good idea. We would not want to get stuck when a or some of them have problem or delays.
People would find is easier to have currencies fixed to the fiat they are used to.
And one day I hope these fiat fixed crypto would replace the need of forex as we have now.

It seems to me that first of all this requires the full legalization of the world's crypto currency, as well as the corresponding infrastructure, in order to be able to use the crypto currency at full strength.

[Febo]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

So they can compete among themselves and get better. Competition is only good for the end user.  In 10 years time you will not even have any ideas what crypto or what stable coin you use. Wallet that you will use will just pick the one that is best for your service.

[ronafurw]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

Be careful while you search for stable coins, don’t just go for any coin you see in the market because some of them are scam. People’s choice when it comes to having a stable coin used to be USDT but some people are saying that they don’t like it, so they are now going for TrueUSD (TUSD). TUSD on coinmarketcap and the price is: $1.00

[Vilianms]

Stabilizing coins is the bridge between the issuing country and the cryptocurrency. I think this is very good news. Many countries have issued their own stable coins.

[mrhood]

Because only thanks to them cryptomarket will be increasing and going up. Other coins have more chances to die in the future while stable coins are in the top of profitable coins.

[Herbert2020]

Because only thanks to them cryptomarket will be increasing and going up. Other coins have more chances to die in the future while stable coins are in the top of profitable coins.

haha, maybe you need to read the name again: it is called stable coin! which means there is no profit in it since its price is always stable. for example USDT is always $1 or at least it is supposed to be always worth $1.

and you are wrong about the increase being because of stable coins! that  doesn't even make sense. there is no relationship between an stable coin and price rise of any cryptocurrency.

[i7claufe]

I think we don't need "so many" stable coins. A few stable coins that would rule the industry is enough for example BIG threes like - BTC, XRP and ETH is enough as long as they Stabilize, where as of now, they are very far from being stable. They would be stable then if they would be used on a daily basis on daily interactions which is very inevitable in the coming years. These stable coins should then be the foundation of all the coins coming in and out of the industry.

[wall101]

Stable coins has a big potential in our future.
So many projects is always making here and announce what will give help to us in our life's.

[Jamesdila1]

because tech is become advance day by day. so new more and more coins joins the crypto market. i think competition is good thing. that makes the market better and quality.

[leviathon]

It is because we already have so many volatile coins in the market and we are going to start needing some kind of balance between the two coins if we ever hope for cryptos to actually become an accepted legal tender by all. The volatile state of most of the cryptocurrencies is what makes them so hard to be used for buying and selling as their values are ever changing

[aldorexxx]

Stability is the main aim on the cryptocurrency market so it is clear. Stablecoins will make the market balanced and there will not be any great changes in prices.

[Razick]

We need them because so many of the coins in the market are already so volatile that people are very scared of investing in the coins. there need to be some kind of alternative option in the form of stable coins for the people who are not ready to test their luck with the large variety of volatile coins in the market. We need the stable coins to be able to maintain balance.

[drmasa]

It's good way to take profit fast when you hear bad news about some coin that you are holding. Since now USDT was safe coin but last few days I wouldn't count on it. Bittrex and Cex have USD already and Poloniex have USDC, so I dont think its bad thing to have some security on crypto exchanges.

[Gandam23]

Some companies create new stablecoins, why do we need them? if key is already there. I hope they will not be as much as conventional cryptocurrencies (more than 1500) of which most scams.

We need stable coins but it is not existing. Maybe stable in a price manner. We all know that cryptoccurency is volatile in terms of value so we should know that it is always changing by time when theres so many transaction happening resulting changes in the market. So if we hold tokens and wait for the right time. That how tokens be stable maybe. Thats what I think or maybe it will rise up.

[asayoyaasa]

I know what you mean about stable coin, that is coin for change crypto in fiat using 1:1 rate. We have stable coin like Tether and USDT to safe our fund in USD. For anyone who can't enjoy this volatile price, will be better if they just exchange their asset to tether or usdt.