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)