Circle and Coinbase are partnering to improve the stablecoin concept

[iTradeBit]

What are your thoughts about it? Will it be success? Will it fit all users' needs?

[AdolfinWolf]

I'm pretty certain that the "idea" will be executed better/more transparent by Coinbase than that it will be by Bitfinex & Co.

I mean you literally can't do it worse than Bitfinex did.

They allowed no audits, no checks, and they just pumped up random USDT whenever they feel like it, with no warning previously to it whatsoever.

https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/

Add that to the fact that Bitfinex for years allowed shady practices like wash trading on their platform, i think it's definitely better that a more professional entity has control over such a coin.


This is not the right board for your topic.

[cryptohunter]

better than tether but still centralised and requires trust

not ideal but better than we have

I've been looking at other decentralised approaches that can not give such rigid price guarantees but is decentralised trustless and transparent. Bitbay is my current fav.

[Gary Levanevskii]

I wonder why so many stablecoins appeared lately. Why did they not begin to create them even earlier. I think it looks strange.

[franky1]

I wonder why so many stablecoins appeared lately. Why did they not begin to create them even earlier. I think it looks strange.

when a token is 1:1 pegged to a fiat it was meant to then be treated as fiat(earlyday fear of counterfeit laws and stuff)
EG paypals balance is not bank balance but a database token pegged as same as bank balance. requiring paypal to get lots of regulatory stuff..
now loads of crypto businesses have the regulatory stuff via their fiat exchanging process, they suddenly realise they can make their fiat database balance be a DLT or blockchain token instead

[pooya87]

it will be better than Tether for obvious reasons but it will still be a terrible thing to use and more importantly it will not be able to compete with Tether because it will surely possess a lot of restrictions, a lot more than Tether has because it is being created by US based companies such as Coinbase which are not only following the restrictive rules of US but also are working with 3 letter agencies trying to take control of the flow.
for starters when an altcoin exchanges adds tether without KYC they will be forced to force KYC if they add this new coin.

[batang_bitcoin]

Hi we've got the same topic posted already, earlier than this post.

Thread link - Coinbase adds Circle's USDC stablecoin

[Juggy777]

What are your thoughts about it? Will it be success? Will it fit all users' needs?

I'm not sure of the success cause in the end it'll be a centralised coin, will they be able to do a better job than Tether definitely yes. It's pertinent to note that Coinbase is subjected to the strict laws of USA which makes it mandatory for them to get KYC done, and if and when they're compelled to give out users data, they'll give it so knowing all that I'm not comfortable in investing in this coin. However I feel people who invest can be assured there will be audits, all pumps would be checked and rules would be followed which might be liked by some, but I'm not a big fan of centralised coin.

[Vernfwiles]

Hopefully it'll be better than what Bitfinex and Tether.  You can't do worse than what Bitfinex did with their no audits, no checks and randomly pump up the USDT whenever they felt like it. Better than tether for obvious reasons but it'll stick lack in some aspects as it'll have a lot of restrictions, a lot more than tether has as it is being created by US companies. But before jumping the gun let's see how it turns out.

[Markus Good]

There has been some stablecoins appearing lately. Most of them are not doing so good. We are waiting for a better and improved one. I think this partnership might be able to do that.

[Ashwin Kumar]

I just know about this so I can't tell you more right now but what I can understand that it's definitely a good thinking so hope all will be fit.

[funchiestz]

I'm almost sure I'm about to be the next bull season star in Coinbase. It's possible to hear their names everywhere.

[GenesisDominguez]

From the look of it, it does seem like that they will be able to gain success. They are showing a lot of p[romises and they have enough potential to pull it off. Wether they will be bale to fit all the users need or not is yet to be seen. But the chances are that they will be able to do it.

[Pikachu12]

What are your thoughts about it? Will it be success? Will it fit all users' needs?

I think it will succeed. Coinbase is considered a great wallet system and I am sure it will improve the Stablecoin concept. I am confident in the cooperation of reputable businesses. They will do wonders in the future.

[franky1]

circle and coinbase have been partners for a while.

as for the scope of how far this can expand all you need to do is look at the portfolio of the parent company (dcg.co/portfolio)

im guessing their stablecoin will be bech32 compliment for the parent companies long desire of LN so they can be atomically swapped on the separate non-blockchain network known as lightning
edit.. eww ERC-20 (nasty)
ok i cant see that going well

guess they just want a fiat arbitrage coin for centralised custodian exchanges

[MainIbem]

I don't know how they will do that. But it is a good project. The whole world is waiting for the stability of the cryptocurrency to get reasonable stability for mass adoption. So if it is going to be this partnership, it is OK.

[Nikolas Brown]

Better than tether but still centralized and requires trust not ideal but better than we have. EG paypals balance is not bank balance,requiring PayPal to get lots of regulatory stuffs.

[Pursuer]

others are saying "better than Tether" but to be honest I don't see how!

Tether is created and controlled by iFinex (the bitfinex exchange company) and is located in Hong Kong and registered in British Virgin Islands. it is centralized to this company.
now we have a new centralized coin and the only difference is that it is centralized to a different company which is located in USA!

I honestly don't see how that can be better! they are both terrible for different reasons. you are basically saying this new coin that is easier for US government to control is better than Tether!
this reminds of the expression saying "you get out of one ditch just to fall into another bigger ditch"

[bolbau]

maybe stabecoin has not been an ideal choice and goal, but this process must be appreciated, at least circle and coinbase have been brave and able to provide new innovations in the development of the cryptocurrency industry. there is no stagnation, crypto must develop every day, coinbase has taken good steps, the next thing that must be built is people's trust in stablecoin to be accepted and used by many people.

[KryptoKai]

Crypto is in need of an honest and reliable stable coin, we can't rely on tether anymore with all their price manipulations. GeminiUSD is unproven and not too sure about the others like TUSD. Lets see what coinbase and circle can produce