Stable coin for Every Currency

[Youghoor]

I don't think Tether will go that extent of creating new stable coins for each coin. That would be a whole lot of job for them to earn money. Already, they are minting new Tether almost everyday and making profits. I think governments would rather venture into the creation of their own stable cryptocurrencies to be used as a payment choice in their country.

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[Febo]

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think? Will tether do that ever in the future once crypto goes more mainstream? Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

I see more likely governments will crate digital coin of their currencies. Of course tether can also do it. Or any other company. But that token is still a digital national currency coin. Nothing else.

[BlackboardTrade524]

Definitely it is the batter plane for the coin pumping, many organization will be profited form this type of step. The government of the country and also root level traders will be profited as well as more than present terms. So, It should be happen.

[@baoli]

If that happens and it is not decentralised then we go back to what currency used to be before cryptocurrency came. Hitherto, the block chain idea also comes with other concepts on it like data sharing and App management. It is not all about currency exchange

[bitgolden]

Depends on how it will be done. I basically hate USDT as it is, so if some private company from Bahamas will do something like that, I will not be supporting any of it, in any nation at all. However if a proper bank type of place or a government does it, then we could support it.

I was an avid supporter of Libra for example, it is facebook and they would basically track all of your spending to make sure they give you better ads, destroying all of privacy that we worked so hard of, however they would still be better than tether who just prints out money and doesn't even back it at all. So all in all if done properly it is a great idea, if done poorly it is just a cash cow for some company, do it right and you will get a lot of customers for it for sure.

[FlagstaffRevel235]

If that never happens, and if no one or any organization has come forward to spread the coin, I can say for sure that they will lose the big gains. So to have time to take action on it.

[DarkDays]

There is already a stablecoin for several different fiat currencies, though most of course target the US dollar since this is widely considered to be the world's reserve currency.

The cryptocurrency industry is still growing, and its growth is currently fastest among economically developed countries.

Since the majority of these countries and their citizens consider the dollar to be the world's base currency, there is little demand for stablecoins for other native currencies.

That said, Tether did just release tether gold (XAUT) and will likely release a tether euro soon. Beyond that, I can't imagine we'll get stablecoins for less prominent cryptocurrencies in the next year, due to the aforementioned lack of demand.

[GreenStox]

Of course, the government wants to participate if crypto advances in the future or is accepted in all countries.
They compete to make their own coins so they can control the market or participate in the plan.
but coins made by the government will later become centralized because there is a center that governs them.

[andycarrol]

Of course, the government wants to participate if crypto advances in the future or is accepted in all countries.
They compete to make their own coins so they can control the market or participate in the plan.
but coins made by the government will later become centralized because there is a center that governs them.

but if there is a coin that is easily manipulated by the government itself then I think it will only make worse of the coin itself because it will certainly have a negative impact on the users of the coin, as happened to usdt which in my opinion is the only stable coin that can manipulated.

[7788bitcoin]

That said, Tether did just release tether gold (XAUT) and will likely release a tether euro soon. Beyond that, I can't imagine we'll get stablecoins for less prominent cryptocurrencies in the next year, due to the aforementioned lack of demand.

There are many projects that claim that they are physical gold backed crypto but is there any transparency to their claims is to be verified, with tether they were not transparent with the decisions they made, they claimed every tether was backed by US dollar but later we all found that it was not true and i have to think twice before trusting them with anything.

As for having a stable coin for every currency, is it even viable and there is no point in doing so.

[Ozero]

Will that make any sense if all coin have stable coin? I feel it will be a means of have too many other shit coin and even more scam projects. There are too many projects already which now makes it difficult to know the real ones. Greed is really setting into the game. This was not the reason for Crypto initially.

I think that soon we will have many stable coins in the form of digitized currencies of various states, that is, stable coins of the central banks of these states. They will play the leading role among stable coins. Of the various private and commercial stable coins, only those that have worked well will remain.
This month, a stable coin of the central bank of China should already appear. If it will be a good success, and most likely it will be so, then a boom of similar coins of other states will come. The digitized coins of states to a large extent should supplant the paper money of these states, which cease to be effective due to their high cost, quick wear and other circumstances. However, paper money will remain in circulation for a long time to come.

[Crypto_lion]

We must be aiming at a place where the decentralized currency replace the existing centralised currency and not creating a new stable currency for every available Fiat

[TastyChillySauce00]

Assuming the company that's going to create stablecoin across the world with various currency could overcome all the legal problems and the hurdle it's still quite risky, the recent rumours says that the authorities considering to enforce strict law toward stablecoin or even worse banning them, not to mention that stablecoin could be a double-edged sword, it could either contribute to the economy or making a fragile economy becomes even fragile.

[Bonwin]

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think? Will tether do that ever in the future once crypto goes more mainstream? Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

I believe once cryptocurrency gets more adoption, every country that fully legalizes the activities of cryptocurrency will create their own digital currency. This point is validated by the proposed cryptocurrency to be created by china. I believe other countries will follow suit as governments will always want to dominate any sector as much as possible. However, let's wait for what the future holds

This is more like the normal fiat that every country has and if such should happen, it will reduce the relevance of tether. However, tether and other stablecoins that are currently in the system will still have more influx if users prefer them to those issued by their countries.
One of the problems that will be associated with the stablecoins created by individual countries is that the governments will have too much control over them because they are fully centralized and there will be lots of limitations for users.
Tether might have its own issue too, which is also associated with centralization, but there are still fully decentralized stablecoins.

[poodle63]

We must be aiming at a place where the decentralized currency replace the existing centralised currency and not creating a new stable currency for every available Fiat

people get too used with fiat they can't stray away from it and consider other option as a blatant scam while it's actually not. stablecoin could become a bridge for people that wants to use crypto but are too afraid due to the circulating rumour about how bad crypto by some uneducated people.

[Ucy]

If that happens and it is not decentralised then we go back to what currency used to be before cryptocurrency came. Hitherto, the block chain idea also comes with other concepts on it like data sharing and App management. It is not all about currency exchange

Exactly. The decentralization part is what makes real crypto unique and good.
I think I am a abit ok with countries having their own coins, as long as the coins share thesame/similar principles with Bitcoin/Blockchain. They'll need to be very decentralized, transparent, immutable, privacy-friendly/anonymous, deflationary, safe/secure, permissionless/trustless,etc  for the safety of global users. Small autonomous nations (that adhere to the principles) can fill the gap if the current nations don't.

[Skieleton]

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think? Will tether do that ever in the future once crypto goes more mainstream? Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

What is stability? Those present cannot be guaranteed. The whole economy is glorious. The fact is that such a currency would be surest but would also be regulated ... and dependent. This is already changing the form of things ...

[Bagiira]

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think? Will tether do that ever in the future once crypto goes more mainstream? Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

I don’t quite understand how the stable coin differs from the real currency accepted in the country. And why will they be in great demand?

[tyoA7X]

A stable coin is perfect for every altcoin because with a stable pair of coins will make the price of altcoin awake I prefer to trade altcoin with USDT pairs, it's easy to guess and it's easy to get profit

[hiburak]

Eventually the governments will start their own stable-coins. These stablecoins will not be decentralized, but they may be using the blockchain technology, which will help cryptocurrencies and stablecoins gain some more traction. Usdt as a centralized stablecoin may face some pressure from governments though, because it's getting too big.