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Author Topic: An ERC 20 Stable Coin  (Read 386 times)
adekogbe (OP)
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January 26, 2019, 02:22:53 AM
 #1

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.

Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.

If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.

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January 26, 2019, 03:26:54 AM
 #2

I don't think there is because ERC20 is based on ETH so it will inevitably continue to refer to ETH prices if ETH drops ERC20 tokens go down but if ETH rises ERC20 does not necessarily rise

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January 28, 2019, 09:52:30 PM
 #3

TrueUSD, Dai, USDC and some few other coins are ERC20 stable coins, if you are interested in holding some of these stable coin I would advice you to invest into those that are backed with real fiat in the bank, DAI is not backed by anything but Ether and with the current state of Ethereum I won't be long on DAI


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January 29, 2019, 06:42:27 PM
 #4

I don't think there is because ERC20 is based on ETH so it will inevitably continue to refer to ETH prices if ETH drops ERC20 tokens go down but if ETH rises ERC20 does not necessarily rise

Actually there is... USDT also got an ERC20 Token.

Smart-Contract:
https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7


https://wallet.tether.to/transparency


And sorry, but your explaination doesn't make very much sense... If something is backed by USD it shouldn't go below the USD-Value it's backed - doesn't matter if it's a coin, a token or a piece of paper.
By the way: The "classic" USDT also doesn't provide its own blockchain - it's running on the Bitcoin-Blockchain.

Quote
Since Tether is currently available using two different transport protocols (Bitcoin and Ethereum), when users send tethers to other addresses, they need to carefully check the destination address to confirm whether it is in the standard Bitcoin or Ethereum format and select the correct transport protocol.
Why I just saw this news  Shocked, to be honest I just saw and often watched the stable coin chart of the USDT Tether and TrueUSD (TUSD). So far, I have only seen a difference between ERC20 and USDT. Thank you for enlightening me, I really got new knowledge here.
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January 29, 2019, 11:48:51 PM
 #5

I don't think there is because ERC20 is based on ETH so it will inevitably continue to refer to ETH prices if ETH drops ERC20 tokens go down but if ETH rises ERC20 does not necessarily rise

Actually there is... USDT also got an ERC20 Token.

Smart-Contract:
https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7


https://wallet.tether.to/transparency


And sorry, but your explaination doesn't make very much sense... If something is backed by USD it shouldn't go below the USD-Value it's backed - doesn't matter if it's a coin, a token or a piece of paper.
By the way: The "classic" USDT also doesn't provide its own blockchain - it's running on the Bitcoin-Blockchain.

Quote
Since Tether is currently available using two different transport protocols (Bitcoin and Ethereum), when users send tethers to other addresses, they need to carefully check the destination address to confirm whether it is in the standard Bitcoin or Ethereum format and select the correct transport protocol.

I understand, but this USDT you are making reference is not backed by physical real cash and what is the difference between it and the classic USDT which has its own blockchain.
I learned true USDT is ERC 20 compatible but is it also backed with real life Dollars.
In a time of market drop it is important to have stable coins to retain dollars value

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January 30, 2019, 03:46:22 AM
 #6

The current cryptocurrency can not be recognized by most people. The stable currency based on cryptocurrency is not really stable. It will also be subject to market conditions and may collapse at any time.
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January 30, 2019, 04:32:58 AM
 #7

USD tether is two kinds. One is based on ERC20 and you probably do not know about this. You can get ERC20 usdt if you want a stable coin. This coin is also risky because it is a kind of lending money to the token owner.

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January 30, 2019, 04:41:30 AM
 #8

I don't think there is because ERC20 is based on ETH so it will inevitably continue to refer to ETH prices if ETH drops ERC20 tokens go down but if ETH rises ERC20 does not necessarily rise

Actually there is... USDT also got an ERC20 Token.

Smart-Contract:
https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7


https://wallet.tether.to/transparency


And sorry, but your explaination doesn't make very much sense... If something is backed by USD it shouldn't go below the USD-Value it's backed - doesn't matter if it's a coin, a token or a piece of paper.
By the way: The "classic" USDT also doesn't provide its own blockchain - it's running on the Bitcoin-Blockchain.

Quote
Since Tether is currently available using two different transport protocols (Bitcoin and Ethereum), when users send tethers to other addresses, they need to carefully check the destination address to confirm whether it is in the standard Bitcoin or Ethereum format and select the correct transport protocol.

I understand, but this USDT you are making reference is not backed by physical real cash and what is the difference between it and the classic USDT which has its own blockchain.
I learned true USDT is ERC 20 compatible but is it also backed with real life Dollars.
In a time of market drop it is important to have stable coins to retain dollars value
There was a lot of doubts about the reserved funds of tether company because they refuse the audit. Not sure if even USDT ERC20 backed by real dollars.
TUSD looks interesting too because it's build in ethereum blockchain https://etherscan.io/address/0x0000000000085d4780B73119b644AE5ecd22b376

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February 10, 2019, 11:53:28 AM
 #9

There are several stable coins such as Tether (USDT), USD Coin (USDC) and Gemini Dollar (GUSD) which are ERC-20 compatible and you can store these in an appropriate hardware or mobile wallet if you choose just make sure you that if you're using Tether to double check which type it is because there's two different versions of it which can be a little confusing and only one of them can be transferred to an Ethereum wallet

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February 10, 2019, 12:16:43 PM
 #10

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.

Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.

If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.

Wait a moment, I don't know nonERC20 stablecoin except tether. PAX, TUSD, USDC, GUSD - they all erc20 tokens, so you can store them like any other erc20 tokens.

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February 10, 2019, 12:26:47 PM
 #11

TrueUSD, Dai, USDC and some few other coins are ERC20 stable coins, if you are interested in holding some of these stable coin I would advice you to invest into those that are backed with real fiat in the bank, DAI is not backed by anything but Ether and with the current state of Ethereum I won't be long on DAI

That's right, ERC20 has a lot of stable coins, maybe he doesn't know yet another stable coin because of the many coins made by the ERC20 platform

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February 10, 2019, 12:45:25 PM
 #12

to be honest that doesn't make much sense to me because that would mean a centralized coin that is fully relying on another centralized platform! the result seems to be more of a mess than a stable coin. what we have now is that these coins are at least having their own blockchain and are not exactly relying on anything else. and that makes things somewhat easier for them.

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February 10, 2019, 01:33:38 PM
 #13

maybe now there is no Erc20-based coin that is the same as usd with a stable price, maybe in the future it will be much better if there is a coin like that because it will be easier to use if in a coin the price will be the same and stable.
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February 10, 2019, 01:41:17 PM
 #14

I don't think there is because ERC20 is based on ETH so it will inevitably continue to refer to ETH prices if ETH drops ERC20 tokens go down but if ETH rises ERC20 does not necessarily rise

That's correct for those compatible only in Erc20 wallet is those new coins or tokens that releasing up and listed in on MEW wallet they also accept it for ETH based only.

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February 10, 2019, 02:00:32 PM
 #15

Finally tether monopoly over stable coins market is now over and we have a great  diversity of stable coins using different technologies many of them are erc20, like gusd and usdc , like others said.

Personally I wouldn't mind much about the technology they use, but about the capacity for that companies to pay back1 USD for each token.

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February 10, 2019, 03:17:25 PM
 #16

I think there are no stable coins of ERC20 or other coins and tokens, all of them are obedient to market conditions and the most influential are old coins like BTC

but what impressed me was the BNB that was widely traded, even though the BNB was a coin that still appeared recently


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February 10, 2019, 04:23:08 PM
 #17

I think there are no stable coins of ERC20 or other coins and tokens, all of them are obedient to market conditions and the most influential are old coins like BTC

but what impressed me was the BNB that was widely traded, even though the BNB was a coin that still appeared recently
You are a little wrong. The fact is that in early 2018, Tether announced the transition of their token to erc20. This will make it possible to reduce the cost of working with USDT and another cryptocurrency and will make life easier for users. You can check this information by seeing the name of the USDT token in Etherscan.

https://tether.to/

https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7
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February 10, 2019, 04:29:29 PM
 #18

Actually not, because it was depends of the project development, even the ETH drops as long the ERC20 tokens is in good condition in market it can surpass even the ETH where the foundation. I think the stable price is the USD in crypto  that you can also buy.

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February 10, 2019, 04:32:20 PM
 #19

There are stable coins that are based on Ethereum smart contract. ROCKZ is a stable coin that is backed by Swiss franks and is based on Ethereums blockchain. Their TGE is now live, so check it if you want to know more.
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February 10, 2019, 04:38:54 PM
 #20

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.

Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.

If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.

Was it really possible? How come can an Ethereum token on ethereum blockchain can be a stable coin? Basically I always see some drastic changes in prices of ethereum tokens after the ICO is finished.

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February 10, 2019, 05:03:02 PM
 #21

there will be no stable sit on this ting as every one move on their demands@
which is which at this time?
everytime is not a good time!
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February 10, 2019, 05:10:30 PM
 #22

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.

Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.

If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.
The cryptocurrency can not be recognized whether it is stable or not by people.What we know about stable crypto which contribute strongly and profitable.Stability depends on market conditions though based on market the unstable coins are the stable because they remain the market running.
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February 12, 2019, 09:29:06 PM
 #23

The only one I know of is Ampleforth which is currently on testnet so definitely a project to watch soon. They can explain it better than me here: https://medium.com/ampleforth/independent-currency-in-a-multi-chain-world-67032dce8296
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February 12, 2019, 10:23:59 PM
 #24

I think there are no stable coins of ERC20 or other coins and tokens, all of them are obedient to market conditions and the most influential are old coins like BTC

but what impressed me was the BNB that was widely traded, even though the BNB was a coin that still appeared recently
You are a little wrong. The fact is that in early 2018, Tether announced the transition of their token to erc20. This will make it possible to reduce the cost of working with USDT and another cryptocurrency and will make life easier for users. You can check this information by seeing the name of the USDT token in Etherscan.

https://tether.to/

https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7
That is right. The cosf to maintain the blockchain for a stablecoin is too much instead they could rely on another platform blockchain so that the cost will be reduced also there is lesser risk of having low hash power.

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February 12, 2019, 11:39:17 PM
 #25

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.

Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.

If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.
The cryptocurrency can not be recognized whether it is stable or not by people.What we know about stable crypto which contribute strongly and profitable.Stability depends on market conditions though based on market the unstable coins are the stable because they remain the market running.

This is a good addition you have made here but after a lot of research I have discovered that true usd and usd coin are both stable coins that can be stored on erc20 blockchain wallet so I think that was answered my question.

 However I believe that wallets should be made available that are more compatible to hold tokens and coins for a wide range of blockchains irrespective of how different they are and also they should be integrated with exchanges that would facilitate the easy conversion of cryptocurrencies to stable coins fiat and also between blockchains.

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February 12, 2019, 11:44:20 PM
Last edit: February 13, 2019, 01:06:37 AM by bitcoin31
 #26

What happen to the ERC20 coin it's because of the value of the ethereum. Because once the Erc20 coin are increasing for sure that will be cause of the ethereum because it's rising. Remember they follow the price of the ethereum coin so if we want to see the value of Erc20 coin or token to rise just need to increase ethereum and once the ethereum become king for sure those coin will become hundreds dollars and others thousands of dollars or more depends on the coin potential.
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February 13, 2019, 02:00:13 AM
 #27

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.

Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.

If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.

Actually there is. One of stable token in ERC20 is DAI token. DAI is a stable ERC20 token, which is valued same as USD.
You can check the detail of the token here : https://etherscan.io/token/0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359
And i guess there will be more stable coins / tokens created in the future for many usages.

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February 13, 2019, 11:57:43 PM
 #28

I don't think we would even want to peg it to fiat on the first place. I do know of Ampeforth who will be using a ERC20 contract for their coin. They tend to get grouped in the stablecoin category but honestly they really aren't one at all.

This is a better detailed article to explain: https://medium.com/ampleforth/independent-currency-in-a-multi-chain-world-67032dce8296
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February 14, 2019, 01:44:44 AM
 #29

The only one I know of is Ampleforth which is currently on testnet so definitely a project to watch soon. They can explain it better than me here: https://medium.com/ampleforth/independent-currency-in-a-multi-chain-world-67032dce8296

This is cool thank you! going to check them out
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February 14, 2019, 04:22:04 AM
 #30

TrueUSD, Dai, USDC and some few other coins are ERC20 stable coins, if you are interested in holding some of these stable coin I would advice you to invest into those that are backed with real fiat in the bank, DAI is not backed by anything but Ether and with the current state of Ethereum I won't be long on DAI

Maker holds couple percent of total ethereum's supply as a collateral, I guess DAI will do just fine.

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February 14, 2019, 04:43:22 AM
 #31

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.
Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.
If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.
Take a look on MakerDAO project with DAI stablecoin, very interesting platform, already working fine over one year, survived and continue developed even after 2018 fall market.
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February 14, 2019, 04:48:09 AM
 #32

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.

Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.

If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.

Though many of the coins are stable but to me this platform is definitely unstable.

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February 14, 2019, 05:13:16 AM
 #33

The stable altcoin is developed based on an independent blockchain, which ensures the stability of the project. You can take a look, the project side also developed USDT-ETH, which can be stored in the ERC-20 wallet.

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February 14, 2019, 05:28:54 AM
 #34

I think this is a stable coin, and I have saved it for a few weeks until now the price has been slightly up and down, I will continue to see the development, if it's good and has capital, I will add it to my collection.
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February 14, 2019, 05:44:09 AM
Last edit: February 14, 2019, 05:55:44 AM by Ozero
 #35

The current cryptocurrency can not be recognized by most people. The stable currency based on cryptocurrency is not really stable. It will also be subject to market conditions and may collapse at any time.
Having read here about the presence of two transport protocols - on Bitcoin and ethereum, I also thought that even for simple use of cryptocurrency, it is still very difficult for a common person to understand it. As long as the cryptocurrency is not easy to use, it is unlikely that it will spread widely. People do not have much time and desire to understand all these subtleties of cryptocurrency, they will use something that is simpler. Cryptocurrency should be developed and become easy to use.


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February 14, 2019, 06:50:06 AM
 #36

Stable coins have been on the rise for some time now and there are different stable coins now compared to when it was just USDT.

Now here is the problem, why is there no USD based stable coin that can be saved in the normal ERC 20 compatible wallets.

If there is one, please mention it and if there isn't, what do you think about the possibility of one been introduced.

I understand your idea but from my understanding, stable coins are backed by a controlled commodity such as gold, diamonds or us dollars. Creating a stable coin built on Erc20 will be disrupted by the rapid fluctuations of the ethereum market

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February 14, 2019, 07:01:27 AM
 #37

maybe now there is no Erc20-based coin that is the same as usd with a stable price, maybe in the future it will be much better if there is a coin like that because it will be easier to use if in a coin the price will be the same and stable.

I think it doesn't matter what which blockchain it is working. It is already stable for USD. So their value movement should be a little.

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February 14, 2019, 07:06:53 AM
 #38

crypto currencies are popular of being not stable. that is why so many investors have been joining to the crypto market. if you need something stable why dont you just try to stay at usd or buy gold etc.

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