USDC on Binanace - (Tether still the favourite?)

[thegoatiest]

Hi,
I'm new to Binanace.
I just checked out the USDT 24hr trading volume and it's big. 205,574,328 USDT
Then had a peak at the USDC - by my rough estimate there's only been 3,564,099USDC traded in the last 24hours.
Reason for the estimate in USDC spent ..... is it instead lists the total 24hr trading volume against BTC; In - BTC..  - which is a bit annoying.. (any way to change that?)

So appears everyone is still happy, or content with Tether.?
I know there's been some good news with it supposedly being officially audited by their new bank...
But the divergence against the dollar last month was alarming (and I didn't even have tether)
I figured everyone would jump on a new stable coin, but it appears not.

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[mk4]

So appears everyone is still happy, or content with Tether.?

It's simply because a lot of people are still oblivious on the shadiness of Tether(USDT). Probably a good number of people still think that you could still exchange 1 USDT for 1 USD right now.

And also, Tether(USDT) is the first stablecoin and still the most adopted stablecoin among exchanges right now, so this early on it's going to be the #1 stablecoin for a while. Hopefully this changes in the future as competition heightens. Personally rooting for DAI.

[thegoatiest]

Hmmm. It is shady indeed.
But I guess due to the widespread adoption it's safe enough.. for now at least. It just doesn't feel good to trade into.
Never heard of DAI, i'll have a read.

[Slow death]

So appears everyone is still happy, or content with Tether.?

If people are happy or not, I do not know, I can only say that maybe people use USDT because they have more time in the market and are already used to it and because they may have many pairs to negotiate, in my case I use USDT because I am already accustomed to trading with USDT, I know the risks and USDT is shady, but I've gotten used to USDT so I continue to use

But the divergence against the dollar last month was alarming

was very scary, I thought it was the end of tether

I figured everyone would jump on a new stable coin, but it appears not.

it will take a long time for other stablecoins to have a chance of overcoming tether

Tether = RANK: #8

TrueUSD = RANK: #30

[SvonioneFromMangoCoinz]

Tether is the habit of many traders. I've traded through Tether a lot and I think I just want to trade through it. TUSD and USDC did not make me feel impressed. It only took advantage when Tether crashed and started gaining market share. But Tether really is not scam, it's just rumors.

[Pursuer]

people are always known to resist change. it is in all of our natures without an exception. why do you think they are resisting bitcoin's adoption if not for this little feature? everyone is used to Tether for years and they have been using it. it is also accepted by multiple exchanges which can be another reason why people haven't changed their ways. they want to transfer money between exchanges using Tether.

another reason can be because the alternatives such as USDC aren't really any better than USDT! they are all centralized and have their own shadiness and risks that comes with it.

[randythered]

A lot of people don't know of Tether's troubles or don't care. You also have to ask yourself, is it better the devil you know or the devil you don't? We don't know too much about other stable coins. Lastly there's just far more volume in USDT so people are naturally going to go there.

[mk4]

another reason can be because the alternatives such as USDC aren't really any better than USDT! they are all centralized and have their own shadiness and risks that comes with it.

While they're both definitely centralized, I'd personally prefer USDC compared to USDT. I personally think Circle and Coinbase are definitely multitudes more "government-friendly", for a lack of a better word, compared to Bitfinex whereas we still don't know if every single Tether(USDT) is actually backed or not.

[rodalutor]

I think we will slowly see a transition but as of yet the markets in USDC are not liquid enough and they've not got enough credibility. Once they've earned a reputation for delivering 1:1 then I think people will start to dump out of Tether. That's when we'll see if tether can meet their commitments and actually credit all tether 1:1 with the dollar. It's strange that people moving away from tether could actually be what leads to them being able to trust it.

[BitHodler]

it will take a long time for other stablecoins to have a chance of overcoming tether

Tether = RANK: #8

TrueUSD = RANK: #30

Especially when you take into consideration that Tether *very likely* prints USDT out of nothing. USDC is never capable of catching up with fair play, so it has to accumulate growth slowly but throughout the years.

Tether shrinked its circulating USDT supply with 0.5 billion, which theoretically should mean that Bitfinex allowed investors to withdraw $0.5 billion from their bank account, which is shady at the very least.

People have been facing so many difficulties trying to withdraw fiat from Bitfinex, while they easily let investors "cash out" that many USDTs? No way that this is possible. It's another goxxing that we're slowly working towards.

[Pursuer]

another reason can be because the alternatives such as USDC aren't really any better than USDT! they are all centralized and have their own shadiness and risks that comes with it.

While they're both definitely centralized, I'd personally prefer USDC compared to USDT. I personally think Circle and Coinbase are definitely multitudes more "government-friendly", for a lack of a better word, compared to Bitfinex whereas we still don't know if every single Tether(USDT) is actually backed or not.

but also another way of looking at it is that they both have ties to US government and for that reason many people wouldn't trust them at all. they prefer a company that doesn't have that tie. not to mention that these two companies aren't really good ones either.

[EthereumBAg]

Nah, Tether most likely a scum No rear proof that tetherusd backed up by real money. I trust way more in TrueUSD, stable coin with audit, also tradable on DEX'es like ethermium.com and idex.market

[el kaka22]

Tether is not really doing so well in the public eye but that doesn't mean people do not need some counter part to bitcoin in fiat currency to hold while prices drop without having to withdraw and cash out. People do need an option to hold dollars or at least some fiat currency and need that to be there and use it in trades but they still would prefer something other than Tether if given the option.

Nevertheless, some places started to catch up to this and for example Circle started out their own "token" which is USDC and the reason why it has better community trust behind it is that USDC is run by circle which owns both poloniex and also it is owned by JP Morgan which has billions of dollars themselves.

Hence, there is no shady Caribbean bank behind it like tether, it has a proper company behind it.

[khufuking]

USDT had been the main stable coin for Crypto space since ever, you simply can't expect that to change over a few months even a couple of years! Also, I see no reason to make anyone not trust USDT, I exchange my USDT to 1$ very easy without any problem, and I believe all also do and until that change, USDT will remain #1 for upcoming years.

[Renaldi blackspadeteam]

USDT and USDC are both tokens,
sometimes I think USDC is crypto coin as usual. because it uses the word Coin at the end.

both prices are almost the same as the original dollar price, and both always compete with high volume,
for now usdc winners because they have large trading volumes,
for people who have experience in crypto trading, people can move to trade from USDT to USDC