Which Stablecoin is the most Trustworthy?

[very_452001]

To be honest, there is no stable coins that is 100% safe, many bad things can happen to stable coins. But if we are too scared and dare not take risks,
we will get nothing. In my opinion, of all the stable coins currently circulating, only USDT is the most trusted. I said that because I saw that the demand
for USDT was very high compared to other stable coins. In fact, USDT has long been in the top 3 on coinmarketcap sites, even the volume of USDT
exceeds the volume of Bitcoin. It was enough for me to trust USDT.

Okay no stablecoin is 100% perfect however which is the best and least risky you think?

USDT is the 1st released stablecoin correct? similar to bitcoin being the 1st crypto coin being released over 10 years ago hence USDT has built a bigger customer base you reckon?

Corporation Enron which had the biggest volumes in the energy sector in the stock market back in its day, is big volumes a good indicator of trust?


Coming back here is Dai the most trustworthy as people saying its decentralized

[moderator's note: consecutive posts merged]

[cfif]

The couple of years ago media and members of forum talked about overboughted of USDT market. This could be a true, but USDT is till alive to this moment. This may be a sign of stability.

[kaeluxdeuz]

USDC and BUSD for the time.


USDT has these loose ends at the moment, causing a bit uncertainty.. but for keeping it for trading purposes is the ultimate coin

[sgenuine]

Despite the many controversies surrounding USDT, this is indeed the only more or less reliable stable coin. I looked for other options, but the reputation of the USDT suits me more than the reputation of its analogs. And I regularly use Tether to save my profit.

[semobo]

Lets say for example that the auditors/regulators has found that USDT Tether has printed tokens out of thin air that are not backed by the fiat $dollars, from there what will happen to USDT on the basis of this news?:

- Is it possible for a stablecoin to crash to 0?

- Will centralised exchanges start delisting USDT in light of this news?

- What will happen to all of the USDT tokens in the millions of user wallets, become worthless?

- Will all decentralised projects smart contracts that used USDT in them be automatically cancelled/void?

For beginners the word Stablecoin sound stable 'no risks'.

What's the best decentralized stablecoin out there where you can earn interest on or stake it?

Otherwise which centralized stablecoin is backed by FDIC or SIPC protection policies?

Every centralized stable coin is at the risk of crashing to zero because it is not fully backed and audited, people simply trust the name and using it to hold their profits. We can't expect these stable coins to stay forever since they are keep printing more tokens in very short time period. If government starts to regulate then USDT maybe the first coin to crash.

DAI is one of the stable coin which is backed by ethereum smart contracts so it is full decentralized and there are some other coins available with low marketcap at the moment.

[doomloop]

To be honest, there is no stable coins that is 100% safe, many bad things can happen to stable coins. But if we are too scared and dare not take risks, we will get nothing. In my opinion, of all the stable coins currently circulating, only USDT is the most trusted. I said that because I saw that the demand for USDT was very high compared to other stable coins. In fact, USDT has long been in the top 3 on coinmarketcap sites, even the volume of USDT exceeds the volume of Bitcoin. It was enough for me to trust USDT.

USDT looks good no doubt about that and although being centralized and no audits or anything like that is done by Tether but still it is one of the best stable coins and that because its the oldest stable coins if my facts are right and it has the highest volume of trading.

Apart from USDT, the next stable coin I trust and actually use at times is BUSD purely because of the trust I have in Binance and I am trading at Binance so if they scam then I cannot do anything at all. I believe there are some better stable coins in the market like the coinbase USDC and others but because of the trading volume and popularity it is USDT that is the winner here.

[tygeade]

Coming back here is Dai the most trustworthy as people saying its decentralized

Yes, it is decentralized which makes it really unique and trust issues are solved mostly but I never used it don't know why but tether looks like the better option for me.

The couple of years ago media and members of forum talked about overboughted of USDT market. This could be a true, but USDT is till alive to this moment. This may be a sign of stability.

Tether is so famous because like bitcoin is so famous despite better ones out there because they are 1st ones in the market of their own type. Bitcoin was the first crypto and similarly tether was the 1st stable coin which is why they are so popular and almost every trader uses them.

With time, tether will lose its value though because unlike bitcoin, tether is centralized and a lot of risk is there in case some day tether dumps all the coins and runs away.

[very_452001]

Okay to confirm my understandings of this thread so far, please correct if I'm wrong:

- USDT, USDC, BUSD and such are centralized stable coins and possibly crash to 0 if regulators find out its not backed by 1:1 with the fiat $dollar?

- DAI is the most reliable stable coin because it is decentralized and backed by Eth smart contracts?

If both statements are true above then that makes Dai the most trustworthy stable coin regardless of volume right?

[fia_naila]

If tether really did printing USDT from thin air and it caught by the goverment. It will make USDT zero value and whole crypto market will be colapse, many exchange and people suffer losing money. It could be bugger accident then Mt goxx got hacked.

[3meek]

If you can trust stablecoins, the first place goes to Tether... It is chosen by the majority of users, and it has the largest number of trading pairs... And it is just as printed as the dollar, in unlimited quantities!

[very_452001]

If tether really did printing USDT from thin air and it caught by the goverment. It will make USDT zero value and whole crypto market will be colapse, many exchange and people suffer losing money. It could be bugger accident then Mt goxx got hacked.

If Tether is the next Mt. Gox then what is the best preparation for it?

Will decentralized Dai crash to 0 too?

I still believe in USDT, I think it is the most trusted stable coin to use now. So far, I have no problem using USDT, instead I can take profits from this coin in the current correction. While other coins drop in this current correction, USDT improved its price. It is a very proper stable coin to choose if you want to secure your assets if you hear there will be an upcoming correction. It is also easy to transfer because almost all exchanges have USDT in their market.

I understand USDT is good for now, it works well, good volumes, more trading pairs.

However...

I'm looking for a stable coin that is decentralized, trusted and wont crash to 0 when the fed regulators find out scandals with it.

I'm not saying that I know all USDT tokens are not backed by paper dollars as that be a unproven allegation now, but I'm saying I don't want to take a risk if the regulators do find out that all USDT tokens are not backed. 

the function of a stable coin is not much different from the others, it's just that the price between stable coins may differ by a few cents in each market and from what I see USDT and USDC are stable coins with the largest market capitalization, so the volume of the two coins is already very large and maybe arguably the most trusted stable coin.

Volume doesn't make it automatically trustworthy.

Onecoin had lot of volume back in the day for example.

Just because everybody is using it doesn't give it trust especially if its centralized.

[moderator's note: consecutive posts merged]

[mu_enrico]

I'm looking for a stable coin that is decentralized, trusted and wont crash to 0 when the fed regulators find out scandals with it.

I'm not saying that I know all USDT tokens are not backed by paper dollars as that be a unproven allegation now, but I'm saying I don't want to take a risk if the regulators do find out that all USDT tokens are not backed. 

Sadly, it was proven to be unbacked, and the market act as if nothing happens. Did you read this post? "Attorney General James Ends Virtual Currency Trading Platform Bitfinex’s Illegal Activities in New York"

Agree, we need better stablecoins where users can easily "audit" the vault in real-time. The problem with these stablecoins is that we still need to trust that the vault is not empty.

[very_452001]

Can centralized stable coins like USDT be frozen in a wallet remotely from USDT corp office themselves?

Can USDC, BUSD, GUSD be frozen like USDT?

Can Dai be frozen in a wallet?

[lixer]

I understand USDT is good for now, it works well, good volumes, more trading pairs.

However...

I'm looking for a stable coin that is decentralized, trusted and wont crash to 0 when the fed regulators find out scandals with it.

I'm not saying that I know all USDT tokens are not backed by paper dollars as that be a unproven allegation now, but I'm saying I don't want to take a risk if the regulators do find out that all USDT tokens are not backed. 

That is DAI I think, or DAO, not really sure about which one is what to be quite honest, some of them are BNB and some of them are ETH so basically it is a decentralized currency. It takes money from people to back it up, and when there is a crash or anything it uses it automatically to keep it at 1 dollar, I can't really give you the full details because I do not use it honestly so all I know about it is vague terms but I can tell you that some of the smartest people I know have said that it is much better than USDT and have used that instead.

Not because it is perfect, maybe there could be some problems in that one as well, I am sure if I look closely I can find problems with every single coin, even bitcoin is not perfect, but at the same time the only thing we need right now is something better than USDT and that is enough for us and those projects are decentralized and better.

[very_452001]

Can centralized stable coins like USDT be frozen in a wallet remotely from USDT corp office themselves?
Can USDC, BUSD, GUSD be frozen like USDT?
Can Dai be frozen in a wallet?

Those are questions I also bother about as I like and use USDT every time. Though I think, that USDT as well as any other crypto can't be frozen in all thousand hundreds of trader’s wallets but it can be removed from crypto exchange markets, so no one will have an opportunity to continue trading USDT.

I heard before that USDT office has frozen USDT tokens in wallet remotely.


Okay if USDT Tether collapses under its scandal then can it bring down USDC and Dai coins too?

[moderator's note: consecutive posts merged]

[MadeMen]

From every indication USDT seems to be the most popular stablecoin coupled with the fact that the market capitalisation is the highest when compared to other stablecoin. But they've been some negative news about the true backup capability of USDT. I'm of the opinion that if looked into carefully every stablecoin doesn't have the exact backup of the amount of stablecoin that is being printed.

[Ekyfitri]

when I spend a lot of my time trading on the Binance exchange I use BUSD more than USDT. but when I trade on other exchanges with the tokens I have, I will use more USDT. and I also won't forget to use USDT TRC to make withdrawals to get cheaper fees than I have to use the ERC network.

[very_452001]

From every indication USDT seems to be the most popular stablecoin coupled with the fact that the market capitalisation is the highest when compared to other stablecoin. But they've been some negative news about the true backup capability of USDT. I'm of the opinion that if looked into carefully every stablecoin doesn't have the exact backup of the amount of stablecoin that is being printed.

Even Dai not backed up to?

[Reosta_]

I use BUSD most of the time. I like to use it especially for its being backed by Binance. But I have also used USDT and I didn't have any problem with it. But I haven't tried another stablecoin except these.

[very_452001]

I use BUSD most of the time. I like to use it especially for its being backed by Binance. But I have also used USDT and I didn't have any problem with it. But I haven't tried another stablecoin except these.

But isn't Binance under investigation now ?