Will stablecoins replace Fiat currencies in the future?

[slaman29]

Cost to transfer USDT now: $20 at the very cheapest and slowest speed. Average is $40.

So the world's most popular stablecoin, and many other less stablecoins all using Ethereum will cost you that much.

How can it replace fiat currencies which are mainly free to transfer to each other (except cross border).

I support crypto but it's not yet ready.

[lionheart78]

Stable coins will never replace fiat currencies in the future unless it is being issued by the government themselves.  I always believe that the finance system is moving forward to digitalization but I never think that the current stablecoins issued by non-government organization will be able to replace fiat currency since finance is being monitored and approved by the government and without their consent and approval it won't go far from where it is right now.

[danherbias07]

There's a lot of topics before that tackles about cryptocurrency replacing fiat money which I still believe that it wont happen even if we introduce the most stablecoins because the government wont allow this kind of network, there's no secret money here and this is a big NO for the government so this wont happen.

True.
It will take out the corruption.
So it will be difficult to push it forward even with the highest supported senator backing it up.
Maybe it will just be implemented for private companies. There is a simple reason into how the government could escape such intrigues with why they wont accept it.
Use the poor. Capabilities, introductions, learning, etc...
Reasons of spending more money by teaching it to the poor and providing the tools (i.e. smartphone, computers)  

[Sanitough]

Stable coins are crypto assets, while FIAT is what the government create.

This is the set up of the world.

Government regulate everything, even crypto, so there's no way they will allow FIAT will disappear if they can regulate crypto.
Whether we like it or not, crypto will always be na alternative currency, it will never be close to FIAT.

[geegaw]

Stable coins will never replace fiat currencies in the future unless it is being issued by the government themselves.  I always believe that the finance system is moving forward to digitalization but I never think that the current stablecoins issued by non-government organization will be able to replace fiat currency since finance is being monitored and approved by the government and without their consent and approval it won't go far from where it is right now.

Indeed, stabelecoins can be said as a copy of Fiat and of course, the copy will only be used in certain places that accept it as the crypto world, some e-commerce sites but in the end, when bringing copies and comparing them with the originals, Fiat is still supported more by permission and authorization from the government. Maybe in the future, the government will have a better view and allow stablecoins to go hand in hand with fiat, but at least they need to manage everything before they are officially announced.

[btc-facebook]

There is always a possibility that can happen, because cryptocurrency always gives a lot of surprises every time it develops, maybe in the future every country has a stablecoin, and this coin will later become a means of payment in that country or maybe the world.
I am optimistic that in the future many countries will make their own stablecoins because many large companies have started making their own coins or approving payments using cryptocurrency.

[Republikcoin.com]

will stablecoins replace Fiat currencies in the future?

Yes, it's just about time and awareness

Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch?

The government prefers something that is at least safe for public use and will certainly keep threats from associations or individuals related to official digital money making. Creating new stablecoins or using existing ones still takes the same time and energy to start being adopted by everyone on earth. This is because the total% of cryptocurrency users is not high when compared to fiat currency users.

Various examples of revolutions appear clearly in our view. Everything on this earth will definitely be upgraded and changed with newer and beyond limitations. We know, in the past the telephone was only used to talk to other people in different places, but now we can use smartphones to make calls, send money, shop, play games, show directions, take pictures, calculate heart rates and much more.
So there is no other reason to reject blockchain-based digital currency which has stable value. This will certainly make it easier for all of you to carry out activities and do business.

[LUCKMCFLY]

Stablecoins are crypto assets pegged to the value of Fiat, bringing people the "best of both worlds". The most popular stablecoins are often pegged to the US Dollar, since it's the world's reserve currency. Some of them comply with regulations, further legitimizing the industry as we speak. With all of the benefits stablecoins provide, Fiat's prominence could be threatened in the long run. After all, it's much faster and cheaper to use a stablecoin than a credit/debit card. People could stop using Fiat currencies like the US Dollar or the Euro in exchange for a stablecoin of their choice.

This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance.

In an eventual fall of the world economy yes, it is evident that the stablecoin will replace the FIAT money, although now they are taking their precautions, since China is a country that has launched its stablecoin, they even feared Facebook's Libra because according to them Libra of Facebook was the copy of its stablecoin.

On the other hand, many people in the future will come to trust stablecoin projects much more than their own stablecoins such as the dollar, the euro or the currencies of their local countries, because the economy tends to be inflationary.

In the future I believe that the FIAT currency such as the dollar, the euro, among others, will be eliminated and will be replaced by gold, whether physical or digital, stablecoins anchored to gold and / or precious stones, cryptocurrencies and bitcoin, as the world goes it is likely to be so.

[Coyster]

This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance.

The thing is, even cbdc's that many countries are on the verge of launching isn't even intended to replace Fiat currency, it's just going to be another "digital Fiat" currency for them, just one that they are going to control and manipulate as they deem fit, which leads me to think that it's somewhat impossible for stablecoins to replace Fiat, is there a way the government is going to be able to solely control this stablecoins? And 'print' more when they feel like? If they can't then how possibly can they adopt it, what our government cares most about is control, and that's why quite a lot of Bitcoiners are in the BTC network cause they get to 'be their own bank' and control their funds themselves without the government being 'in the picture'.

[ahoenk]

With this coronavirus comes to us, digital transaction going up in term of retail transaction. And we need this blockchain. I think stable coin could probably replace the papper money someyimes in the next few years. People now hold their wealth only in their phone. Easy to use and faster.

[NASdaq]

CBDC will replace fiat, not the ordinary stablecoins. Countries are not ready to use money they cant control

[cryptoaddictchie]

Cost to transfer USDT now: $20 at the very cheapest and slowest speed. Average is $40.

So the world's most popular stablecoin, and many other less stablecoins all using Ethereum will cost you that much.

How can it replace fiat currencies which are mainly free to transfer to each other (except cross border).

I support crypto but it's not yet ready.

Actually you got a point. But this is for centralized aspect. I hate the fee when using stablecoin usdt on cex since the fee is super high, but when you used decentralized wallet to process transaction you will pay via gas or eth gwei. Sometime its high sometime its low, but it didn't reduce your receiving stablecoin but only bear the appropate fee on the network unlike cex that deduct $20 is such a pain isn't it.

[xZork]

This is so unlikely, governments will not allow a currency they do not have full control over in place of their own.
Perhaps in the future stablecoins will be a part of the world's finances, but its replacement of fiat currencies is unlikely.

[manul888]

With the emergence of CBDCs, will governments try to reduce the role of stablecoins?

[Fivestar4everMVP]

In my own honest opinion, I think it will be difficult for stable coins to replace fiat, but it not impossible, it can happen but will take a great amount of time before this happens if it ever will, and another thing am thinking is based on how greedy our government is, they will hardly accept any currency not created by them, this is to say that they will first of all create their own stable coins for the country citizens to adopt, this will give them control over every ones assets, they can only look the way of adopting the current stables coins we have in crypto if the citizens refuse to recognize the government owned stable coins, but like I've earlier, this is possible but very difficult and will take a lot of time before it can come to pass if ever it will happen, this is just my opinion.

[bobyhodob]

in my opinion it is not that easy to replace the currency of every country using cryptocurency like stablecoins because usually governments prefer to use their own currency so that the value of their currency remains stable in the world market

[J1mb0]

I think in the future stablecoins will coexist with fiat currency but it cannot replace fiat currency.
While stablecoins have many advantages over conventional currencies, they are often privately owned, and governments will not allow a privately owned currency to replace their currencies.

[Vishnu.Reang]

Cost to transfer USDT now: $20 at the very cheapest and slowest speed. Average is $40.

So the world's most popular stablecoin, and many other less stablecoins all using Ethereum will cost you that much.

How can it replace fiat currencies which are mainly free to transfer to each other (except cross border).

I support crypto but it's not yet ready.

ROFLMAO.. and people are talking about USDT replacing fiat currency. To replace one asset with other, the latter should be having a lot of advantages and merits compared to the former. If we compare fiat currency with stablecoins, I don't think that this holds true. I would even say that stablecoins such as USDT are inferior to fiat currency. In case of USDT, I can't trust the exchange which creates this token (Bitfinex), as they have been accused of fraud using the reserve funds of USDT.

[AndySt]

In my own honest opinion, I think it will be difficult for stable coins to replace fiat, but it not impossible, it can happen but will take a great amount of time before this happens if it ever will, and another thing am thinking is based on how greedy our government is, they will hardly accept any currency not created by them, this is to say that they will first of all create their own stable coins for the country citizens to adopt, this will give them control over every ones assets, they can only look the way of adopting the current stables coins we have in crypto if the citizens refuse to recognize the government owned stable coins, but like I've earlier, this is possible but very difficult and will take a lot of time before it can come to pass if ever it will happen, this is just my opinion.

This is not even just difficult, but impossible by definition, because stablecoins themselves are tied to fiat currencies in value and appeared in contrast to the very volatile classic cryptocurrencies. The modern model of public administration includes fiat currencies as one of the elements for the functioning of the economy and the influence of government bodies through the issuance of fiat currencies, so states can still allow the parallel circulation of fiat currencies and stablecoins, but the replacement of fiat currencies with stablecoins is out of the question.

[gbrendeh]

Despite the existence of Internet, it does not totally replace the Newspaper and U believe that will also be same for Bitcoin and the bank