We need more decentralized stablecoins

[_IRMAN]

Can stable coins be decentralized? Aren't all stable coins centralized? because if they are decentralized, of course the price will not be stable either

[Ucy]

Well, I think we need really good decentralized stablecoin...  stablecoin that isn't backed by things that are not very censorship resistant like fiats.  You control the supply with algorithm to keep things stable, in decentralized manner.
 A normal crypto with unlimited supply could easily be turned into stablecoin if you could control the supply automatically. You keep the supply locked and price stable... when demand increases, part of the supply is unlocked and sold at the stable price, when demand decreases you lock or reduce supply. This  repeats automatically depending on demand/supply.

[Stanlo]

Can stable coins be decentralized? Aren't all stable coins centralized? because if they are decentralized, of course the price will not be stable either

Do some research on DAI stable coin, we have decentralized stable coins in crypto space, if you don't know then I suggest starting with DAI stable coin, there are others like

1. Defidollar
2. Ndau
3. RSV

[bits4books]

So you just want to have another tool just for the sake of the illusion of choice? Not bad not bad.
Yes, some addresses are blacklisted but do you want the market to be safer? You won't be blacklisted just like that, so this is a dubious argument.
And I see no reason to do another one stablecoin, we already have enough . Or do you want to repeat the flood of the crypto market with a bunch of useless and even just fraudulent coins as it was at the rise of this story? No thanks, let's skip it.

[slaman29]

Nah, never really wondered. You know until this very day I haven't used a single stablecoin, not even Tether? I know for sure there are many like me too, we just trade what we need directly for fiat whenever we want cash from crypto, so this tells me that this "need" is really only for full traders and speculators. And traders actually trust centralized things;)

[Mighty_crypt]

I'm satisfied using USDT to store funds and buy BTC when I can so I have no problem using centralized stable coins to store fund, are decentralized projects that reliable because they are decentralized or it's just empty promise to be decentralized? We can never tell, just use what works for you

[DoubleAweSeven]

I thought all stablecoins are decentralized already? And I've heard stablecoins freezing accounts, unless they are not cryptocurrency which doesnt really make sense here if thats what you meant.

My advice though, if there's really a centralized stablecoin, just stay away from it.

[kindbtc]

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

Yes there are decentralized stablecoins available and more should be encouraged but if we check the stats as far as stablecoins are concerned, traders and investors are satisfied and comfortable with usdt and usdt at the moment. Perhaps because they are available at almost all the major exchanges and platforms even dexes.

[copoyes]

I think too many stablecoins will change the character of crypto that is considered high risk. just 1 or 3 stabelcoins are enough
as a neutral coin that does not directly affect the ups and downs of other crypto coins, so traders and investors do not easily adjust the market price if, there are many stabelcoins it will be like a stock exchange in the real world where market movements are not too risk, there are positive and negative aspects but less effective in this crypto world

[RealMalatesta]

Can someone explain to me how it all works, I mean I understand that market keeps it at that level, but what makes it stay that way? Why do we trust it stay that way? USDT is something I dislike very much because I think Tether as a company is too much powerful and they have 10+ billion dollars just from us and they claim it is 1 to 1 backed but that's about it, if they run with it tomorrow we do not have anything we can do, they will have 10+ billion dollars in their name and we can't do anything about it, or maybe their bank will seize it with the government help and they won't even be able to do anything.

However when it comes to stuff like DAI, I do not trust my money will be 1 to 1 back forever neither, it is not feeling like it is something I can feel comfortable about at all, the whole idea of stablecoin is scary to me a bit.

[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.

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.

Is that the only reason why stablecoins exist? If that is the only benefit you can see in stablecoins, then stablecoins indeed don't have much value. They are very much dispensable. Cryptocurrency exchange could always consider providing fiat with cryptocurrency pairs. That happens already, in fact.

As far as I read, USDT for example is very risky. Various crypto fans are already warning others on the use of USDT.

[error08]

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.

They weren't indiscriminate to freezing addresses, it was by request from law enforcement that could be involved in other cryptocurrency crime.
However, stable coin is not the best option in the first place, decentralized cryptocurrency is far better than those manipulative and centralized coins, there are a few problems with them.

[yhiaali3]

Certainly, this will not be good for crypto enthusiasts who like decentralization and privacy, but in return it will attract more companies that want to enter Crypto but want to maintain centralization and even banks can also be attracted by this type of central currency so that they can control and freeze the currencies of users in Any time it likes.
The spread of this type of currency similar to the old centralized system will eliminate the idea of Bitcoin and cryptocurrencies based on decentralization and privacy.

[Bertyda]

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?

I agree that USDT has the hist liquidity and a big trading volumes. It means that traders really need stable coins. But how much stable coins do they need if there is a Tether? Already there are a lot of stablecoins but they cannot compete with Tether in popularity and liquidity.

[Squezzi55]

We don't need more stable coins, the most popular among the list of all stable coins we have is USDT, USDC and DAI but we have many more like

1. TUSD (True USD)
2. Paxos Standard
3. Ndau
4. HUSD
5. Stasis Euro
6. Binance USD ( BUSD)

Don't you think we already have enough?

[bittick]

But how though. Decentralized stablecoin also carry its advantage and disadvantage, my main concern is how that stablecoin could reserve money? is it by letting some people staking usdt and let them earn from fee or what? the reason behind why so many stablecoin is centralized is because they could provide money to reserve for their stablecoin and i can't see that kind of thing is an easy feat for decentralized stablecoin.

[darkphoenix2610]

Since you've been talking about stablecoins I want to share this article where gives a guide to the beginners and can be also used by the old or already existing users. This is worth reading while learning more about stablecoins. Here's the link https://crypto.co/news/a-beginners-guide-to-stablecoins/

[imstillthebest]

Do you think we need more decentralized stablecoins?

i know dai but i didnt knew usdj , its name has a usd on it and its decentralized . thats akward . if there are only two of them that are decentralized stable coins , we definelty need more

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?

thats scary if they are freezing addresses well what do we expect from them , that act was not different to other centralized banks and that also happen to paypal users but we are here in the crypto world , they should treat users here differently . its okay if they will freeze those accounts that are guilty for doing crimes but not those accounts that are doing a legal business .if they do that they can attract users to use them because users are gonna feel secured .

[Chuky92]

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 wish to see it this way, with centralized stablecoin platforms, freezing accounts the way they want, will make people to look towards a better alternative and that alternative is Decentralized stablecoins. The reason why many people are still after centralized stablecoins is that, they have huge volumes and  so on or maybe because they are prominent, but once they have gotten enough reason or once more people starts giving accounts of how their wallets was frozen, people will surely take heed, because no one can stand the thought of having his wallet frozen.
Also, I do not think we need more decentralized stablecoins currently, however we need to embrace the ones we have in order to give them the needed support and exposure, thus making them to grow, it is through this growth that others will gradually start coming up and the huge competition will start.

[bittick]

good idea In my opinion. decentralized stablecoin could compete with centralized ones in privacy sector unlike centralized that owned by private company although the stablecoin right now already fills our need but always welcome new innovation

We don't need more stable coins, the most popular among the list of all stable coins we have is USDT, USDC and DAI but we have many more like

1. TUSD (True USD)
2. Paxos Standard
3. Ndau
4. HUSD
5. Stasis Euro
6. Binance USD ( BUSD)

Don't you think we already have enough?

what were talking here are decentralized stablecoin which differ greatly from centralized.