Can Stablecoins Promote the Mass Adoption of Cryptocurrencies?

[perla]

I think yes, there are actually nothing wrong with stablecoin. And for adoption or maybe make people know about cryptocurrencies, we must make good approach to make it success. Which bad is make people know about cryptocurrency with something that they must invest like "bad" people always do.

[1714810312]

1714810312

[SlimShadyMmp]

lets just say one of these coins get a way of direct conversion to actual currencies not only dollars but support even local ones By that am sure you will have mass adoption of the coins and crypto but the issue here is getting the licence might not be that simple or just outright impossible so basically that will take some development and time

[magneto]

It's very unlikely.

Stablecoins can help institutions as well as traders in terms of hedging their bets, but at the end of the day, it doesn't necessarily promote decentralized cryptocurrencies to the extent that people seem to make it to be.

After all, that's not what fundamentally motivates people to adopt crypto. The intrinsic value of crypto comes from being a long term store of value, as well as a means of payment without substantial fees associated with it that can be used across the world. Stablecoins do not necessarily tackle either of these issues.

[X-ray]

One of the reason why people are not easy with using cryptocurrencies is the price volatility. With the introduction of stable crypto coin, people now can easily use crypto for day to day trade and buying and selling of goods and services. Though bitcoin too is widely accepted as a payment, it's not an ideal payment coin.

Volatility is not a problem anymore really. Maybe there are chances of our crypto to decrease in value if we hold it for long but with the presence of payment processing gateway like what coinbase and many more offer the volatility is not a thing anymore because they convert the crypto to fiat or stablecoin. Most of people are also using this method and implementing it to their store.

[CjMapope]

Stablecoins have existed in the cryptocurrency space for a few years, but only gained prominence in the last year or so. Stablecoins are cryptocurrencies that are backed by other assets or benchmarks, such as the US Dollar, and, as the name suggests, they are stable in nature — or are at least intended to be so. Bitcoin is known for its volatility and that has led some people to believe that, while it is a good store of value, it may not be the most convenient form of payment. Stablecoins that gained a lot of popularity, thanks to Tether’s USDT, are now flooding the cryptocurrency market. There are over one hundred different stablecoin projects that exist in the market today with several more still to be launched in the coming year. Cryptocurrencies are gaining traction not only from retail investors, but also from institutional investors, which makes it the most apposite time to discuss their role in mass adoption.

Read more here: https://www.etoro.com/blog/market-insights/what-role-will-stablecoins-play-in-crypto-mass-adoption/

Etoro! theres an old classic site haha
i DO believe stablecoins are pretty sweet, but sadly they have been a fav for scammers and thieves in this space : /
meaning alot of people and govs have a sour taste for them already..
Therefore i dont believe they will have much of a place in mass adoption, it will be something like ETHs PoS imo that does it

[gundala]

Can be. If the expected mass adoption is cryptocurrency functionality for daily activities, paying electricity bills, to paying coffee. If that is expected, stable coins play an important role here because stable prices are more profitable to be labeled as prices of products and services. At this time it might not be the maximum, but if Libra with the support of Facebook which has many users around the world might be able to open a new page for the next step in the cryptocurrency world.

[inoes]

there are many stable coins that already exist such as usdt, BITUSD, SPANDEX.HKD, STABLE.PHP, BEI, PHX and many others. I think that stable coins can be adopted en masse, by making each stable coin represent one country's currency. then it will become a world wide adoption

[thottum]

I don't think the stable coin as itself will increase the cryptocurrency adoption maybe for that to happen the process should be easy to convert fiat in their bank account to stable coin and vice versa right now it's not that easy. But I think the stable coins can be used for the merchant adoption of cryptocurrency if we buy a product through cryptos the merchant is exposed to volatility risk as cryptos are more volatile so they can opt to convert the payment received to the stable coin before the cashout.

Agree with your view as the stable coins are just one factor for the adoption but not the major one so there are lot of other factors that are to be considered for the cryptocurrency adoption. The major use of stable coins is to hedge their portfolio against the downtrend by parking the money on it.

[mrdeposit]

Can Stablecoins Promote the Mass Adoption of Cryptocurrencies?

In any case, they will help in terms of adoption, but not as much as the others. Would not it be more efficient if "normal" crypto was used instead? Stablecoins are the digital face of usd or gold. Even stablecoins themselves are backed up by valuable assets in the world. While crypto was created to get away from these assets, but stablecoins are the only assets that bring them closer to us.In any case, they will help in terms of adoption, but not as much as the others. Would not it be more efficient if "normal" crypto was used instead? Stablecoins are the digital face of usd or gold. Even stablecoins themselves are backed up by valuable assets in the world. While crypto was created to get away from these assets, but stablecoins are the only assets that bring them closer to us.

[puremage111]

Well, let me share my opinion here

It could, but its back to how your country current financial system doing
Let me put in this way
The current Fix deposit rate in my country were 3-4% Max, and our currencies are depreciating over time

Thus, excluding lending/loaning the Stablecoins, even the stablecoins itself could hedge the depreciation of my country's currency
Moreover, lending in Stablecoins like USDT/TUSD and more, does provide at least 5% Interest P.A (Which the minimum of it is already higher than the rate of our Fix deposit)
Some even offer up to 8-12% (Depends on how much you lend and who you lend to)

So yeah, it could really promote mass adoption despite most people don't like the idea of stablecoins (including me in the past)
However, we must agree stablecoins does serve it's purpose in the cryptocurrencies industry itself

Converting crypto into fiat and vice versa takes alot of time to do it

[freedomgo]

there are many stable coins that already exist such as usdt, BITUSD, SPANDEX.HKD, STABLE.PHP, BEI, PHX and many others. I think that stable coins can be adopted en masse, by making each stable coin represent one country's currency. then it will become a world wide adoption

Stable coins is like adopting into the current centralized system, but actually it's useful since it has its own blockchain and it's also transparent, however, in terms of adoption, it should not only be focus on stable coins as there's a lot of coins in the market.

[Bezobraznike]

there are many stable coins that already exist such as usdt, BITUSD, SPANDEX.HKD, STABLE.PHP, BEI, PHX and many others. I think that stable coins can be adopted en masse, by making each stable coin represent one country's currency. then it will become a world wide adoption

Stable coins is like adopting into the current centralized system, but actually it's useful since it has its own blockchain and it's also transparent, however, in terms of adoption, it should not only be focus on stable coins as there's a lot of coins in the market.

   It's just easier to start with a stable coin, to buy that first with your credit card and only after to exchange those stable coins
for some crypto-currency. Stable coin is good for traders, if you wish to avoid certain drops and keep your dollar value intact you
can exchange any coin for a stable coin while the bear market lasts.
   As an investment stable coins will remain stable and bond to certain value, that's why they are not the objects of my interest.
I am interested just in long-term investments that can be very profitable in years to come.

[BitDane]

Simple answer: No.. it won't promote Mass adoption of Cryptocurrency.  Stablecoins removed the hyped of volatility, which in the early phase of a adoption attracts investors.  They removed the the possible profit of the incoming investors thus taking their interest away.  Investors are the first explorer of any ventures, removing their profit means shutting them out. 

   It's just easier to start with a stable coin, to buy that first with your credit card and only after to exchange those stable coins
for some crypto-currency.

Why do I need to bother 2 steps when I can make a 1 step moves, it even saves me from extra fees. 

Stable coin is good for traders, if you wish to avoid certain drops and keep your dollar value intact you
can exchange any coin for a stable coin while the bear market lasts.

Doesn't this method incur losses? 

   As an investment stable coins will remain stable and bond to certain value, that's why they are not the objects of my interest.
I am interested just in long-term investments that can be very profitable in years to come.

And this is just an indirect way of saying it won't help in Adoption of cryptocurrency.

[Bezobraznike]

Simple answer: No.. it won't promote Mass adoption of Cryptocurrency.  Stablecoins removed the hyped of volatility, which in the early phase of a adoption attracts investors.  They removed the the possible profit of the incoming investors thus taking their interest away.  Investors are the first explorer of any ventures, removing their profit means shutting them out. 

   It's just easier to start with a stable coin, to buy that first with your credit card and only after to exchange those stable coins
for some crypto-currency.

Why do I need to bother 2 steps when I can make a 1 step moves, it even saves me from extra fees. 

Stable coin is good for traders, if you wish to avoid certain drops and keep your dollar value intact you
can exchange any coin for a stable coin while the bear market lasts.

Doesn't this method incur losses? 

   As an investment stable coins will remain stable and bond to certain value, that's why they are not the objects of my interest.
I am interested just in long-term investments that can be very profitable in years to come.

   

And this is just an indirect way of saying it won't help in Adoption of cryptocurrency.

   BitDane I don't use stable coins, from my reading I found out that stable coins have the lowest fees. Some
wallets have options for buying stable coin first, which is easier and that to swap it from the wallet. Now there
are many stable coins!
   Trading is a risk! That method can incur losses!
   What I am saying that some people use stable coins. If it's used than it helps in adoption. It can't help more
than some top coin, but it contribute to crypto-eco-system.

[BitDane]

   BitDane I don't use stable coins, from my reading I found out that stable coins have the lowest fees. Some
wallets have options for buying stable coin first, which is easier and that to swap it from the wallet. Now there
are many stable coins!

Isn't those who bought stablecoins already knows about cryptocurrency?  How can they buy it if they don't in the first place.  Especially using you mentioned that a "wallet" have an option for buying stable coin first.  Thus it is an indirect way of saying a person is already involved in a cryptocurrency community and is just finding a way to lessen fee by using stablecoins.

[o48o]

Stablecoins have existed in the cryptocurrency space for a few years, but only gained prominence in the last year or so. Stablecoins are cryptocurrencies that are backed by other assets or benchmarks, such as the US Dollar, and, as the name suggests, they are stable in nature — or are at least intended to be so. Bitcoin is known for its volatility and that has led some people to believe that, while it is a good store of value, it may not be the most convenient form of payment. Stablecoins that gained a lot of popularity, thanks to Tether’s USDT, are now flooding the cryptocurrency market. There are over one hundred different stablecoin projects that exist in the market today with several more still to be launched in the coming year. Cryptocurrencies are gaining traction not only from retail investors, but also from institutional investors, which makes it the most apposite time to discuss their role in mass adoption.

Read more here: https://www.etoro.com/blog/market-insights/what-role-will-stablecoins-play-in-crypto-mass-adoption/

All i can see them to be good for is swing trading against cryptos. There were times when you could avoid regulatory oversight with them, but that i think is long past now. If they aren't already considered as fiat currency by regulators, they will be soon.

[seleme]

Over the hundred stablecoins still in the market but there is no real use case except the 5 top stable coins. The mass adoption can be realized after the full release of Libra projects but I doubt the alternative stable coins will be able to compete with the Libra project. This time everything is different from 2017 when there was a demand by newcomers.

[Doranile432]

Look, if all what crypto is all about is stable coin people won't have much interest in them, yes they can be used by traders but its not life changing like bitcoin and other coins that aren't stable coins, the rise and fall of value is a huge advantage over stable coins

[isaac_clarke22]

I don't think it will.
Common people won't get used to these stablecoins like USDT even if it gets adopted.
It's like that everyone uses credit card as well as debit card in some sense.
We're getting slow adoption of Bitcoin anyway, so I don't think we need to look into the other side anymore.

[travwill]

I think they can. Indeed, if stable coins gain popularity as a type of fiat currency asset only in digital format, this will in any case direct the attention of stable coins users to cryptocurrencies,
because buying them will become an extremely simple task for them. Add to this the crypto market growth spurt, and we get the second full-scale bull run.