We need more decentralized stablecoins

[zidanw]

USDT is one of the stablecoins however there's a chance that the price of it will loss and so it's a risky one to hold.  I was wondering what will happen if we have so much stablecoins on the market.

[1715656653]

1715656653

[1715656653]

1715656653

[1715656653]

1715656653

[1715656653]

1715656653

[shoreno]

USDT is one of the stablecoins however there's a chance that the price of it will loss and so it's a risky one to hold.  I was wondering what will happen if we have so much stablecoins on the market.

stable coins don't loose its value therfor they are not risky but it will be risky picking stable coins that are not in the mainstream , Usdt is a trusted stable coin .

There are a good number of centralized stable coins but the decentralized stable coins are still less , don't worry. nothing happens if there will be more stable coins in the market because that's not different from having so much crypto coins but I think it's useless to create more because others can't offer new use case .

[Jawhead999]

USDT is one of the stablecoins however there's a chance that the price of it will loss and so it's a risky one to hold.  I was wondering what will happen if we have so much stablecoins on the market.

If you're not a trader, holding stablecoins is useless especially a centralized stablecoin IMO it's better to hold USD (fiat).

There's nothing will happen since stablecoins only bring less effect or probably nothing when enter on a market since the price is stable dan can't be used as speculative investment.

[jessyj48]

USDT is one of the stablecoins however there's a chance that the price of it will loss and so it's a risky one to hold.  I was wondering what will happen if we have so much stablecoins on the market.

And I'm wondering why binance exchange and other top exchanges trust this stable coin till date, maybe you aren't seeing what these top exchanges saw? I suggest you do some research on USDT before you judge the stable coin.

[illnino]

Stablecoins will be used almost everywhere, and these times are coming. I believe that very soon, millions will start to use exactly virtual money. As not all are ready for trading and other businesses connected with crypto volatility, stable coins will be used by them like traditional money to buy/sell things.

[Traderbtcc]

USDT freezing address is totally unacceptable, that's makes crypto look like the traditional bank where they can freeze your assets if you go against the law, and thats what crypto/blockchain technology is against, I wonder why there would be a centralized coin on a decentralized sphere, I mean no cryptocurrency should be centralized at all, and besides this stable coins are only good for storing value during bull run, centralized stable coins are just digital fiats and nothing more, if usdt keep freezing addresses then I think we need to start creating more decentralized stable coins.

[Greatdev]

USDT freezing address is totally unacceptable, that's makes crypto look like the traditional bank where they can freeze your assets if you go against the law, and thats what crypto/blockchain technology is against, I wonder why there would be a centralized coin on a decentralized sphere, I mean no cryptocurrency should be centralized at all, and besides this stable coins are only good for storing value during bull run, centralized stable coins are just digital fiats and nothing more, if usdt keep freezing addresses then I think we need to start creating more decentralized stable coins.

That's because USDT is centralized, they have the right to freeze funds and I would like to ask if your fund have been freezed before, the truth is those whom funds are freeze aren't clean or they are making money through unclean source, I have no issue with USDT on this one, not until they start freezing innocent people's fund for no reason

[icalical]

I never like centralized cryptocurrency either, not only stable coin, but for me any kind of centralized cryptocurrency is not a real cryptocurrency. But, I don't think we need more decentralized stablecoin. Even in my opinion, we already have too many stablecoins, stablecoins scene is not supposed to be very competitive since it has very similar features. Not many differences among one stablecoins and the others.

[erikoy]

There is a coming project of which a decentralized coins is being introduced. I think that project will do and we can get another stable coins being pegged to USD. Yes, it is a good thing to have these stable coins especially after bitcoin market rally or when the bitcoin bullish end that instead of converting it for fiat currency then using these stable coins can be a lot of help save a lot from the huge transaction fee deducted every time bitcoin is converted fiat or fiat to bitcoin vice versa. Crypto to crypto conversion is better to save fee in the process.

[Winscosinally]

I don't think there will be a new stable coin that can beat USDT is volumes and liquidity, forget it's centralized part and focus on why every top and low exchanges lists USDT and pair it directly to other coins for traders? There is confidence that USDT can't mess up

[Ratash]

Sure we need decentralized stable coins because thats what make blockchain and bitcoin a revolutionary economy invention and if bitcoin had been adopted by world wide economic figures we will see the full potential and that goes for stable coins as well as altcoins.in the crypto world shouldnt be a term as freezing adresses.

[ije07]

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 centralized stable coins are just freezing users address everyone would have abandoned USDT and USDC, OP I believe that this is a wrong accusation on Centralized stable coins, I have over 4000$ in USDT and I've been holding for many months, why would they freeze my account when I'm not a scammer? USDT will only freeze your address if you are into illegal funding or scamming

yes it makes sense, as long as you are not a scamers group then you don't have to worry if you have centralized stable coins like USDT, USDC etc. I don't think companies will freeze your wallet without exception. Even I personally have no problem at all as long as I keep my money in USDT coins.

[nykka]

I have been following DAI coins since its launch and I think it`s the next step in stablecoin cryptocurrency. Everyone heard about problems of Tether and other stable coins. I think more reliable and trusted stable coins are always necessary to create competitions for all developers teams to make product better. This will help to attract more serious investors to the crypto sphere

[FireBallex]

DAI is more reliable because it's decentralized but stable coin with centralized makes more sense since its pegged with real dollars,  going decentralized doesn't fit very well, anyways everyone is free to use any stable coin they trust, for me USDT wins

[jaberwock]

We do not need more coins to make things better, we need the ones we have to be better at what they are doing. For example we have one right now that is getting traction right? What we need is not a competition, what we need is that one to get better. However the sad fact is that unless there is a better competition, the ones we have never grow to be better.

Look at all the ICO's that was created during 2017 period, they were all copy cats of each other, so the competition doesn't always make things better neither. Which leaves us at a very difficult position, if there is no competition the ones we have do not grow, but if there is competition it doesn't guarantee something better neither, so we are left with absolutely no choice but to wait for something better to come along.

[tvplus006]

I have been following DAI coins since its launch and I think it`s the next step in stablecoin cryptocurrency. Everyone heard about problems of Tether and other stable coins. I think more reliable and trusted stable coins are always necessary to create competitions for all developers teams to make product better. This will help to attract more serious investors to the crypto sphere

As soon as I hear negative information about Tether, I immediately transfer USDT to BUSD and DAI. And despite the fact that BUSD is as centralized as USDT, but I have more confidence in IT. This is the pair I place on the Binance to provide liquidity, which gives me passive income.

[MWesterweele]

We do not need more coins to make things better, we need the ones we have to be better at what they are doing. For example we have one right now that is getting traction right? What we need is not a competition, what we need is that one to get better. However the sad fact is that unless there is a better competition, the ones we have never grow to be better.

Look at all the ICO's that was created during 2017 period, they were all copy cats of each other, so the competition doesn't always make things better neither. Which leaves us at a very difficult position, if there is no competition the ones we have do not grow, but if there is competition it doesn't guarantee something better neither, so we are left with absolutely no choice but to wait for something better to come along.

Yes i bet that we didn't truly need a more decentralized stable coins but we need a better coin that even it was a volatile but the mere fact that we can generate a profit from it were already enough reason. And this cryptocurrency was one of the main reason why i do believe that stable currencies sometime didn't give us the profit that we wanted though crypto could give to us but not that easy as it seems.

[Abiky]

Just look at the capitalization of USDJ to understand that this decentralized stablecoin is practically not used by market participants. We see only 11 million USDJ on the market, against 18 billion USDT. Dai is slightly better represented on the market with a capitalization of 1 billion rubles. All this indicates that the majority of market participants use centralized stablecoins due to a lack of understanding of the functioning of decentralized stablecoins.

That's certainly true, mate. Most people use centralized stablecoins because they're much easier to use than decentralized ones. In addition, centralized stablecoins are directly backed by Fiat while that's not the case with their decentralized counterparts. Investing in a centralized stablecoin gives people confidence that their funds will be safe against malicious actors in the crypto/Blockchain space. That's largely because "hodlers" will be able to recur to the authorities in case their funds are stolen. The responsibility would lie on the issuer himself rather than the "hodler" of the stablecoin. Decentralized stablecoins are much riskier as they're backed by algorithms and volatile crypto assets (like it's the case with DAI and USDJ right now). At least, they're a more reliable alternative than centralized stablecoins due to the lack of a middleman. Censorship resistance is key for any type of cryptocurrency to survive in the mainstream world.

Nonetheless, it's evident that there are more centralized stablecoins on the market than decentralized ones. It'll depend on developers themselves whenever they'd want to create new decentralized offerings or all the other way around. As long as we have a few decentralized stablecoins on the market, there should be nothing to worry about. My guess is that if centralized stablecoins fail altogether, people will resort to their decentralized counterparts in mass. Regardless of what happens in the future with the stablecoin industry, there's no doubt that crypto/Blockchain tech will be here to stay for a very long time. Just my opinion

[nrvasquez]

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?

Currently, perhaps usdt is the stablecoin with the strongest position. they have a good ecosystem and also have earned enough trust from the crypto community. and I think the current stable coin is enough, what we need now is a high quality project with a low coin fluctuation value

[Sithara007]

I don't understand how the stablecoins can be decentralized. Some individual or a group need to store the fiat currency reserve, and therefore it can never be truly decentralized. Obviously you can claim that the transactions can't be retracted or frozen, so it should be considered so. Also, those stablecoins which claim that they are "decentralized" have limited liquidity and their market cap is quite small.