Banks going in stable coins news its starting now

[cabron]

Its not just about trusting USDT for the reason why they create their own stablecoin. Its easy to hedge when they themselves own stablecoin, they sure would trust themselves than anyone else but why are they using stellar blockchain?

The news about adoption these days are really staggering but the prices are still not getting much spikes.

[Twentyonepaylots]

Well less stable coins means less profit to the banks so it's no surprise that they are looking for stable currencies through far and wide. USDT becoming one of these coins. Now this may spark a new trend among the cryptocurrency industry where stablecoins may dominate the altmarket but that was just my speculation. Only time will tell whether this happens or not.

[sana54210]

Airdrops are there to make it known and more famous, when you are starting out a new project, you promise people some money and in return of that money you end up getting a lot of social media presence, like for example getting 5k+ likes in a tweet and in return you give your tokens to them. Obviously this is not the smartest way to get more known because you could potentially get more likes cheaper and still advertise your stuff.

However this way you are getting attention from crypto community directly if you give a decent return. Hence these guys are not doing it, they are already stablecoin backed by stellar tech but also regulated, and when you combine all of this together they do not need marketing, they are already something people should want (in their mind at least).

[Beparanf]

Also the banks see that USDT not so trusted*
So they like stable coins but regulated ones*


Source: https://www.nasdaq.com/articles/one-of-the-worlds-oldest-banks-is-issuing-a-euro-stablecoin-on-stellar-2020-12-09


But no info about air drop?
Are the stellar holders getting free coins or What's the deal?

Stellar is an open network blockchain project and the stable coin they are pertaining are new coin that built on Stellar Blockchain. There will be no airdrop for token holder since this is not free money as they are banks that wants to build there own cryptocurrency. Maybe there's some airdrop for XLM holder but that's not necessary just like what typical project that we are seeing generating there coin in a certain blockchain through fork.

[cryptoboss2020]

Also the banks see that USDT not so trusted*
So they like stable coins but regulated ones*


Source: https://www.nasdaq.com/articles/one-of-the-worlds-oldest-banks-is-issuing-a-euro-stablecoin-on-stellar-2020-12-09


But no info about air drop?
Are the stellar holders getting free coins or What's the deal?

Stellar is an open network blockchain project and the stable coin they are pertaining are new coin that built on Stellar Blockchain. There will be no airdrop for token holder since this is not free money as they are banks that wants to build there own cryptocurrency. Maybe there's some airdrop for XLM holder but that's not necessary just like what typical project that we are seeing generating there coin in a certain blockchain through fork.

Then we dont Want and dont need this we Only Want things what can make profit for us.

[posi]

Also the banks see that USDT not so trusted*

USDT dishonest is not hidden.

But no info about air drop?
Are the stellar holders getting free coins or What's the deal?

I'm sure there wont be any form of airdrop but they may give some few discount to early adopters of the coin.

Also the banks see that USDT not so trusted*
So they like stable coins but regulated ones*


Source: https://www.nasdaq.com/articles/one-of-the-worlds-oldest-banks-is-issuing-a-euro-stablecoin-on-stellar-2020-12-09


But no info about air drop?
Are the stellar holders getting free coins or What's the deal?

Stellar is an open network blockchain project and the stable coin they are pertaining are new coin that built on Stellar Blockchain. There will be no airdrop for token holder since this is not free money as they are banks that wants to build there own cryptocurrency. Maybe there's some airdrop for XLM holder but that's not necessary just like what typical project that we are seeing generating there coin in a certain blockchain through fork.

The idea of Banks joining the cryptocurrency sphere is good but investors need to be careful and be informed about the pitfalls that will follow cause the stablecoins that will be created by Banks/institutions wont be different to fiat.

[bits4books]

Also the banks see that USDT not so trusted*
So they like stable coins but regulated ones*

They're more secure with the regulated stable coins because they are with the government. You can't expect decentralization coming from a bank unless they launch a service that's ok with decentralization but it's like a trading desk.
Not solely as a savings option for their customers who would like to expand into cryptocurrencies with assurance of safety from a bank.

The funny thing is that the" security guarantees " from the Bank are often associated with the fact that these same guarantees are provided by the state rather than by the Bank's good will.
And here we come to a very good question, which is better: legislative security or anonymity and the ability to hide from laws and govs.
I see it so that in the future, as a result, everyone will be happy to switch to the first option because they will get tired of playing these crypto games. Yes, there will be enthusiasts who will continue to use the same BTC and others, but it seems to me that this will be the sunset of history, but not a new monetary Renaissance.

We will never know what's with the future in terms of this matter. But it's just the stable coins that would be in their hands but talking about decentralization and assets that can't be handled by them, there will be us who would be staying on it.
The guarantee from the government seems to be secure for them but this all depends to your advocacy or what you believe or what you really prefer in these digital age and momentum of cryptocurrencies.

The problem is not faith, but confidence. I can believe in anything - even in BTC, even in the Macaroni Monster. But at the same time, I am sure that if tomorrow something happens to the bank or organization where my "fiat" pension is located, then I will have somewhere to turn, because all this is insured.
with cryptocurrencies, it is very easy to deceive people because it is still a gray sector of the economy and there is no question of any reliable insurance. today, this pension crypto fund is there and everyone is happy, and tomorrow it has already disappeared without a trace, and all investments are lost in the mixer. And then what?

[fiulpro]

But I don't understand one thing :
The banks are thinking of using stable coins and many of them are 1:1 against USD so the value of these coins will change according to the market fluctuations. If they are going to use gold stable coin or something like that they will have to battle high inflation. This way they will have to change their policies in a way to battle all those things which would mean they will have to actually take years to make a change like this. I think they should start allowing the trading of stable coins and cryptocurrencies in the same section and then go onwards from that point.

At the same time if Stable-coins are regulated then how different will they be from governmental currencies like USD

They need something which would be different then they have to allow cryptocurrencies like bitcoins, ETH , hold some stocks and make an analysis every month.

Plus all those security things it never works my parents had a huge amount of cash deposited in a bank 🏦 apparently the owner was convicted of fraud and he ran away and thus it's just like and everyone lost their money. But when cryptocurrencies were banned in India I had some coins in a wallet , so they messaged me and asked me to move it from some other wallet or sell and even though I did that after 1 month or so , they never blocked the account or anything.

[error08]

Banks will make this industry even more interesting

I concur, banks are under the supervision of the authorities, so they do business in a much better way than exchanges compared to the exchange that issued USDT. in this case, Germany’s Bankhaus von der Heydt (BVDH) has received approval from the regulator BaFIN to issue tokenized bonds called EURB. Euro stable coins EURS developed by the Maltese startup called STASIS as an EIP20 standard token on the Ethereum platform in 2018, more competition which mean the quality of service will increase.
Moreover, Bankhaus von der Heydt has partnered with SatoshiPay as a cryptocurrency payments provider to integrate the regulatory complaint EURB into their network.

source

[Argoo]

They will probably make some stablecoins that is based on government or a big company and at that point they will be capable of going into crypto a lot easier as well. Think of USDT being backed by the USA government, there would be a lot more trust to it wouldn't it?

Even though we hate the fiat version of USD because it is backed by the government, we could let them control a stablecoin because that is not a must and optional thing and they could ruin it or print as much of it as they want, and in the end as long as people want to use it, they can, and if they do not want to use it they can ignore it. I do not use USDT for example that much, it is an option for me, USD is not like that, people have to use it in USA because that is the only option available in the fiat world.

In the future, virtually all states will have their own central bank stablecoins.  That is, their fiat money will be used in this case using blockchain technology.  Such stablecoins will perform much more efficiently than their regular non-cash payments.  I see no reason for governments to maintain private and commercial stablecoins that they do not control and may disappear over time.

[so98nn]

However, banks are not switching to stable coins in the understanding of the crypto community banks are simply using existing technologies to improve the quality, speed and number of transactions without the need for continuous scaling of existing services.
Banks don't "make cryptocurrency" - banks just take what works from technology. Two different things that you quite often confuse, if you look closely.

Exactly. With the emerging tech like blockchain, banks can work with it and use this public domain for their internal use. I mean the transactions that are made with the help of blockchain will help banks to increase their safety and integrity of the data/transaction. This can help them master the data embedded in their servers and also the info would be virtually indestructible. That's the advantage of blockchain for our traditional banking system.


I am not so sure, if stablecoins really have to do anything with the banking system. I mean it's more or less nothing but fiat currency only in the crypto format. They might take interest just for the above stated para and nothing more. Stable coin can not fulfil the world's need since we don't have infra to overcome worldwide transactions. (Underdeveloped to developed countries).

[Inkdull]

This isn't a airdrop so don't hope about getting free tokens or such, this looks like the same central bank digital currency that's been talked about several times now, there will be no reason to invest on such coin since it's stable but it's definitely going to come in handy just like USDT

[bits4books]

However, banks are not switching to stable coins in the understanding of the crypto community banks are simply using existing technologies to improve the quality, speed and number of transactions without the need for continuous scaling of existing services.
Banks don't "make cryptocurrency" - banks just take what works from technology. Two different things that you quite often confuse, if you look closely.

Exactly. With the emerging tech like blockchain, banks can work with it and use this public domain for their internal use. I mean the transactions that are made with the help of blockchain will help banks to increase their safety and integrity of the data/transaction. This can help them master the data embedded in their servers and also the info would be virtually indestructible. That's the advantage of blockchain for our traditional banking system.


I am not so sure, if stablecoins really have to do anything with the banking system. I mean it's more or less nothing but fiat currency only in the crypto format. They might take interest just for the above stated para and nothing more. Stable coin can not fulfil the world's need since we don't have infra to overcome worldwide transactions. (Underdeveloped to developed countries).

This is quite a controversial issue, because the same Visa or MC still remain in the first place in terms of transaction speed on the network, including between countries.
My claim is rather that the crypto community is ready to eat everything where there is the word "blockchain" and praise it saying that "so we will win". In fact, they do not notice how happy they are about the development of what they were originally against

[Princejebs]

Banks are under fear of value that cryptocurrencies provide. They just don't want to left behind and that's why they want to be cool by creating stable coins on top of existing blockchains. That is my opinion!

How creating of stable coin benefits to Banks, remember that there aren't huge associated with transactions with blockchain except if they really want to create and design such a blockchain which I don't see people buying.
Cryptocurrency and bank world is just two different things even though they have some similarities, I don't like bank involvement in cryptocurrency, they will ruin many things.

[atjiat]

Banks are under fear of value that cryptocurrencies provide. They just don't want to left behind and that's why they want to be cool by creating stable coins on top of existing blockchains. That is my opinion!

How creating of stable coin benefits to Banks, remember that there aren't huge associated with transactions with blockchain except if they really want to create and design such a blockchain which I don't see people buying.
Cryptocurrency and bank world is just two different things even though they have some similarities, I don't like bank involvement in cryptocurrency, they will ruin many things.

One way or another, everything depends on the individual characteristics and character of a person, as well as on his needs in life. There are people who are satisfied with little and They get the thrill from life entirely from something else, and not from great wealth.

[pixie85]

But no info about air drop?

Not all coins will be airdropped. Those who believe their coin needs no additional carrot to pull users towards it will not airdrop.

USDt is shit wrapped in a pretty paper just waiting for someone to open it and release the smell.  It's completely normal that financial institutions will try to avoid it just like they've been avoiding XRP for many years despite their efforts to be a bridge cryptocurrency.

[sort_cirkit]

Banks are embarrassed by the current economic crisis. They are looking for a far-reaching and stable currency. USD can meet their needs. Where the value of the dollar fluctuates. But the value of the USD is almost fixed. They are choosing the path of reconciliation after not taking risks. For digitalis, they are motivated to enter the crypt world.

[Spaffin]

One way or another, any stable cryptocurrency is backed by a certain material or financial equivalent of a particular fiat currency. But nevertheless, for some reason, the European Union has banned the use of a stable cryptocurrency in its territory. But I believe that soon they will change their mind. One way or another, stable cryptocurrencies cannot be considered full-fledged cryptocurrencies, since they are in any case dependent on classic currencies, but at the same time, the banking system can become a serious player in the cryptocurrency market by providing stablecoins, since they are very useful for cryptocurrency users.

[Vaskiy]

Banks have been getting into the integrated usage of stablecoins. This is truly a healthy way of market widening which will cater more users towards cryptocurrency. Also these stablecoins were well audited and has got clear data about the same. Already few countries have made plans of having their own stablecoins, but those doesn't have any associate with technology. Those are just the digital form of traditional currency.

[enhu]

Stable coin seems to be very attractive idea in the space and Governments are considering it because of the low risk involved, to me it is a very simple coin to adopt by government if the coin's value can be defended with fiat. It seems to be a very distracting scam idea also and attention is growing to cub atrocities behind the idea. Have not heard any crowdsale for stable coin until recently and are growing to billions of dollars.

And they can still launder money too, they may even avoid auditing for their stablecoin since they are well connected to the government. I wouldn't be surprised one day we are just left seeing banks are accumulating BTC through the stablecoins they create today.

There are many directions where the adoption for cashless, I guess the stablecoin can be part of it too besides the CBDC.