We need more decentralized stablecoins

[Abiky]

Have you ever wondered why there are so many centralized stablecoins on the market? It's no secret that decentralized stablecoins like DAI and USDJ are the minority in the crypto/Blockchain space. This is bad for the industry, as it makes it no different than the traditional banking system of today. The risk of a single point of failure exists with centralized stablecoins, greatly defeating the purpose of crypto/Blockchain technology. Consider how both USDT and USDC issuers have been freezing (blacklisting) user addresses on the blockchain. While DAI is a better alternative, it lacks the level of adoption of its centralized counterparts.

Do you think we need more decentralized stablecoins? What will happen if centralized stablecoin issuers continue to freeze addresses at will? Will people lose confidence on centralized stablecoins? Or will this attract institutional investors and serious traders? Your input will be greatly appreciated. Thanks

[1715577883]

1715577883

[1715577883]

1715577883

[1715577883]

1715577883

[kidbounty]

stablecoins freezing addresses at will is a crime. so why should we believe in a coin like this. we should believe in decentralized stablecoins. security of funds is a top priority, as long as the system is centrally controlled funds will never be safe. the problem now is the lack of adoption of decentralized stablecoins in today's society. for that we must encourage adoption so that it can be realized more quickly.

[Hallmader]

Stablecoins should all be decentralized. If they are not decentralized, they better not exist at all. They are just posing unnecessary risks to their users who are mostly clueless of how they work.

If possible, these stablecoins should not even exist at all. They're fiat after all. They do not belong to the world of cryptocurrencies.

[yazher]

Stablecoins should all be decentralized. If they are not decentralized, they better not exist at all. They are just posing unnecessary risks to their users who are mostly clueless of how they work.

If possible, these stablecoins should not even exist at all. They're fiat after all. They do not belong to the world of cryptocurrencies.

The only thing I know about stable coins is we can use them very well if Bullrun comes will happen and we can quickly convert our BTC or other cryptocurrencies to it without worrying about getting stuck in a congested network when most of the people converting their crypto assets to fiat. However, I don't really know if stable coins are risky but all I know they help a lot regarding how useful they are.

[MusaMohamed]

Have you ever wondered why there are so many centralized stablecoins on the market? It's no secret that decentralized stablecoins like DAI and USDJ are the minority in the crypto/Blockchain space. This is bad for the industry, as it makes it no different than the traditional banking system of today. The risk of a single point of failure exists with centralized stablecoins, greatly defeating the purpose of crypto/Blockchain technology. Consider how both USDT and USDC issuers have been freezing (blacklisting) user addresses on the blockchain. While DAI is a better alternative, it lacks the level of adoption of its centralized counterparts.

Do you think we need more decentralized stablecoins? What will happen if centralized stablecoin issuers continue to freeze addresses at will? Will people lose confidence on centralized stablecoins? Or will this attract institutional investors and serious traders? Your input will be greatly appreciated. Thanks

Cryptocurrencies need to have decentralization to be aligned with origins of why they are born to change the traditional finance.

USDT brings fast, and convenience transactions than paper USD but they can be frozen by governement or by Tether company. I don't think I can control flow of USDT from the trade partner that I trade with is legal. I am not sure about their capital flow, its origin, its legality.

Please create and bring more decentralized stable coins.

[Reid]

Thank you for the questions Abiky.

Do you think we need more decentralized stablecoins?

Yes.

What will happen if centralized stablecoin issuers continue to freeze addresses at will?

It's fucked up. More users/buyers of that cex stablecoin will switch to dex.

Will people lose confidence on centralized stablecoins?

Yes.

Or will this attract institutional investors and serious traders?

If I am the serious (exaggerated) trader then I  would prefer the decentralized way.
Obviously, for the reasons you said. I want authority with every move that I will make and not accounts being frozen just because someone on the other end doesn't like how I manage my own money.
Let's just go back to the banking system and do all the KYC if that is the case.

[Rowenta]

USDT works better for me, it's easier to send on Tron network and transaction fee is way cheaper using Tron, I have no idea about freezing USDT wallet addresses but I have heard on news, if what you said is real many customers would have leave USDT and top exchanges would have delist USDT

[Rowenta]

The reason why I like USDT is that exact point you are talking about, freezing funds, if you are a scammer or you are into illegal funds USDT team will drop your ass, USDT isn't the platform for cheaters and scammers, how is this a bad thing? Those who got their address frozen knew what they did, how many innocent people have you seen that got their USDT address frozen?

[monineklutak]

Have you ever wondered why there are so many centralized stablecoins on the market? It's no secret that decentralized stablecoins like DAI and USDJ are the minority in the crypto/Blockchain space. This is bad for the industry, as it makes it no different than the traditional banking system of today. The risk of a single point of failure exists with centralized stablecoins, greatly defeating the purpose of crypto/Blockchain technology. Consider how both USDT and USDC issuers have been freezing (blacklisting) user addresses on the blockchain. While DAI is a better alternative, it lacks the level of adoption of its centralized counterparts.

Do you think we need more decentralized stablecoins? What will happen if centralized stablecoin issuers continue to freeze addresses at will? Will people lose confidence on centralized stablecoins? Or will this attract institutional investors and serious traders? Your input will be greatly appreciated. Thanks

If you think that it is centralized stable coin could be catastrophic for cryptocurrencies,
and you know a centralized system is not the context of cryptocurrency, but we ourselves are still not sure about decentralization itself,
many exchanges are centralized, and we can't avoid it, I agree If a stable coin becomes decentralized with a system such as the addition of liquidity at Uniswap, it will make stable coin has high liquidity not only in 1 person, but many people and many institutions can also participate in its liquidity.

[Eco_111]

Have you ever wondered why there are so many centralized stablecoins on the market? It's no secret that decentralized stablecoins like DAI and USDJ are the minority in the crypto/Blockchain space. This is bad for the industry, as it makes it no different than the traditional banking system of today. The risk of a single point of failure exists with centralized stablecoins, greatly defeating the purpose of crypto/Blockchain technology. Consider how both USDT and USDC issuers have been freezing (blacklisting) user addresses on the blockchain. While DAI is a better alternative, it lacks the level of adoption of its centralized counterparts.

Do you think we need more decentralized stablecoins? What will happen if centralized stablecoin issuers continue to freeze addresses at will? Will people lose confidence on centralized stablecoins? Or will this attract institutional investors and serious traders? Your input will be greatly appreciated. Thanks

I've seen enough projects this year claiming to be true decentralized but they aren't, how sure are you that even dex exchanges complete decentralized platforms when they are still been controlled by people like us? Is decentralization really working in crypto space? That answer isn't 100% clear.

[Phoenix_PROG]

Decentralized projects and decentralized stable coins are not totally decentralized platforms, when kucoin hack took place weeks ago many projects that claimed to be decentralized went ahead to change their smart contract, they are no more decentralized projects doing that, since decentralized projects are still under people's control I don't see any reasons to fully trust them

[Inkdull]

No thanks, for now I'm sticking with USDT, been the top stable coin and still centralized means that the government can go after the team, I prefer projects that still have something they are scared about (the law), Decentralized freedom lacks the ability to ask for justice.

[Inkdull]

No thanks, for now I'm sticking with USDT, been the top stable coin and still centralized means that the government can go after the team, I prefer projects that still have something they are scared about (the law), Decentralized freedom lacks the ability to ask for justice.

People still controls everything, either centralized or decentralized they can still do as they see fit, remember that USDT have been accused before of illegal stuffs? And that was resolved openly, if USDT was decentralized government won't be able to go after them.

[Apostlekin$$$]

Have you ever wondered why there are so many centralized stablecoins on the market? It's no secret that decentralized stablecoins like DAI and USDJ are the minority in the crypto/Blockchain space. This is bad for the industry, as it makes it no different than the traditional banking system of today. The risk of a single point of failure exists with centralized stablecoins, greatly defeating the purpose of crypto/Blockchain technology. Consider how both USDT and USDC issuers have been freezing (blacklisting) user addresses on the blockchain. While DAI is a better alternative, it lacks the level of adoption of its centralized counterparts.

Do you think we need more decentralized stablecoins? What will happen if centralized stablecoin issuers continue to freeze addresses at will? Will people lose confidence on centralized stablecoins? Or will this attract institutional investors and serious traders? Your input will be greatly appreciated. Thanks

Why are you this scared of using centralized stable coins when they can be easily accused of anything? Decentralized stable coins and projects aren't that safe and different either, in the name of decentralization crime is free, your money your risk and it's the perfect place for embezzlement and illegal entities

[Gorosden]

USDT have faced many allegations in the past and they fought through them successfully, if USDT is crap or not safe do you think binance exchange will list them? This stable coin controls the highest liquidity and volume of all stable coins, isn't it because it's better?

[Festac]

Aren't there more decentralized stable coins in crypto space already? There are many categories to choose from e.g

1. Elastic supply stable coins
2. Self collateralized stable coins
3. Collateralized debt positions stable coins
4. Bond redemption stable coins
5. Collateral redemption stable coins


Enough is enough

[KaratX]

Aren't there more decentralized stable coins in crypto space already? There are many categories to choose from e.g

1. Elastic supply stable coins
2. Self collateralized stable coins
3. Collateralized debt positions stable coins
4. Bond redemption stable coins
5. Collateral redemption stable coins


Enough is enough

Very true, there are many stable coins apart from USDT and DAI, maybe I should try to list some I can remember here

1. Ampleforth
2. Bitbay.
3. Nubits
4. Ndau
5. Stableunit
6. Makerdao
7. Augmint
8. Alchemint
9. Basis

The list goes on and on, if you don't like USDT there are many other

[chip1994]

No, they never intend to arbitrarily freeze users' addresses. Obviously they don't have the authority to do that either, it looks like you're slandering about their mechanics
Also, I'm using centralized stablecoins and it's pretty cool. The transaction fee is zero for USDT on the TRC-20 platform. The special thing is that USDT, USDC and DAI are also traded in many exchanges and the volume is always high. Existing stablecoins are fully embracing our needs, so why do we need to find something new?

[concept2]

What is the point of having more stable coin   We already have the dollar right? Why sould we need to create more and more coin backed by this currency. Many stahle coins are available on the marketcap. So just make your choose, dont be so fastidious. Moreover, if you want a stable coin, just use centralized currency which are supported by the government and the Central Bank: USD.

I know that our market is too volatile to be used in our daily life. But because it is purely decetralized, it has to base purely on the supply-demand principle. And because we are living in the world we fiat currently dominate, we cant stop people from converting or calculate their bitcoin to usd or some sort of Fiat - which are more stable according to normal people.

Remember this: decentralization creates deflation, while centralization bounds with inflation. That is also the element which make crypto more fluctuate than traditional assets. And it is obvious that you gain more money (fiat) just by holding some reputation cryptos over years

[New_order]

We don't need new stable coins, if you don't like centralized stable coins some DEX stable coins are available but DAI has the best volume and liquidity available, but it's pretty hard to ignore the fact that USDT has the highest liquidity and volume, it's well supported amd available on all exchanges, why the need for new stable coins?