Will stablecoins replace Fiat currencies in the future?

[makishart]

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

Internet doesn't replace the newspaper instantly but this time i rarely seen that people are still using the newspaper to get the latest news and people keep up to date with their gadget.

Stable coin will not replace the fiat currency as fiat already used to backed the stable coin and this will not be possible.
it's not the same like internet that was making newspaper disappear

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[abderrazak belkhir]

Actually i dont care about this idea because governments themselves always avoid talking about the crypto generally and most of them dont even know about the existence of such stable coins especially in the 3rd world countries...bitcoin is all what they know about and they always try to make people think that it suspicious and dangerous

[TastyChillySauce00]

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

But the selling of news paper also has significantly decreased even SMS are now being replaced by messaging app, however stablecoin replacing fiat sounds impossible but actually it could happen if each government creates their own version of stablecoin instead of digitalizing their currency using centralized system and bank transfer could easily be replaced by stablecoin if the government approves. it's just matter of the government decision actually.

[The Cryptovator]

A stable coin hasn't been created by any government. It's just a centralized cryptocurrency claimed backed by USD. But most stable coins don't have transparency if really backed by USD or not. I don't think in such as situation stable coin would be replaced for fiat. Rather than there is the possibility that the government would create a national stable coin. But I don't think it's possible to remove fiat currency totally.

[JeffBrad12]

Actually i dont care about this idea because governments themselves always avoid talking about the crypto generally and most of them dont even know about the existence of such stable coins especially in the 3rd world countries...bitcoin is all what they know about and they always try to make people think that it suspicious and dangerous

It's not even an idea but it's happening now. Crypto is not so popular among the people from the 3rd world countries caused by these countries' lack of infrastructure. Crypto is not even become a massive trend on the major countries as well.
The governments are feeling worried about the existence of crypto can disrupt fiat money as the main market for the bank to make its domination.
Once decentralized will become a very popular thing and a stable coin has a chance to replace fiat money.

[Argoo]

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.

Existing stablecoins are mostly either privately owned or created by a specific commercial entity. If they go bankrupt or disappear for any other reason, its holders will lose their money. Therefore, they are not suitable for states. States will only issue and use their own central bank stablecoins, that is, their digitized national currencies. They will replace conventional fiat currency, but they will not completely replace it. Neither the state, nor a significant part of the population will be interested in this.
Going forward, it is possible that governments will ban private and commercial stablecoins.

[charlesmichel1]

The government won't replace fiat by any other form of money. The only thing they are going to replace by launching CBDCs is cash.

[senyorito123]

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

Internet doesn't replace the newspaper instantly but this time i rarely seen that people are still using the newspaper to get the latest news and people keep up to date with their gadget.

Stable coin will not replace the fiat currency as fiat already used to backed the stable coin and this will not be possible.
it's not the same like internet that was making newspaper disappear

It won't happen, because fiat currency is what we use from the start until now, while stable coin can be use only to those who embrace digital currency which is more on the private sector. There are many things need in digital currency which cannot be totally use by many people because it needs internet connection, gadgets and other thing. We cannot deny the fact how useful and hassle-free using it.

[Abiky]

The government will prefer to issue their own stable coin called CBDC, I should remind you that there are some news that said if some countries were feeling worrying of stable coin will be dominating the world and that's why UK wants to clear the stable coin regulation as fast as possible. Stable coin has possibility to replace fiat as it has the same value caused by stable coin pegged with fiat.

I recommend you try to read some news about stable coin regulation. So many countries are paying their attention on this.

Governments have two options to bring Fiat into the digital realm. Either they create their own CBDC from scratch or adopt an existing stablecoin as their own. If they decide to take the latter route, the issuer of the stablecoin is going to have to give the government full access to it. Mass surveillance can be achieved easily this way. Of course, starting a new currency from scratch gives better control and flexibility to both governments and central banks. We're going to have to see how everything unfolds in the future as crypto/Blockchain tech continues to grow in popularity worldwide.

Believe me, stablecoins won't be able to last for long once governments launch digital Fiat currencies of their own. These entities will prevent companies from launching stablecoins to the public with heavy-handed regulations. After all, governments don't want to lose control over people's money. The only exception would be traditional cryptocurrencies like Bitcoin and Ethereum, as they're decentralized by design. Which is why, I believe the stablecoin trend will be one that will last for a very short period of time. Just my thoughts

[rosebrand]

Well to most citizens stable coin might replace fiat especially for crypto lovers, but it will be very difficult for stable coin to replace fiat worldwide because not all countries accepts crypto and currently speaking all most 100% of most countries government won't want to replace thier fiat currency with a cryptocurrencies! It sounds very much impossible, government likes being in charge, knowing fully well no one controls crypto it will look as a threat to them and also all countries currency represents its country by bearing the country's name e.g USD which is United state dollars, this is another reason why government will not allow crypto to replace their fiat currency.

[carrie_white]

stablecoins replace fiat of course can happen in the future, but in my opinion it will not happen in the near term, because the wider community still needs longer adaptation and there are still very many people who do not know what crypto is.

[sapnu]

There will always be a possibility considering the innovation and revolution of the technology all over the world. The only struggle that may be faced by the stablecoins is the regulation of the government being granted to them. We all know that crypto is a decentralized currency, they cannot be controlled by government sectors and associations making it much better compared to fiat. If in the near future, things will get settled and agreed upon, maybe there's a chance that stablecoins will slowly dominate over fiat all over the globe and by that time, it could either be the economy will get better or would end up worse. We still have no idea where it may lead us.

[Ucy]

I actually hope they do. I believe it's better to run fiat on public, transparent, decentralized system/network than on private, opaque and centralized one. Most of the countries can have their own stablecoins. The governments will still have the legal power over the stablecoins, but there will be more effective checks/balances or accountability due to increased transparency offered by truely decentralized and public system/network.

[blckhawk]

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.

I think stable coins will only replace Fiat currencies once the government has full control over these coins otherwise it will not. The government will not let these coins generated without their regulations hence it is more likely impossible. What will the government do to counterpart this is stable coins is making their own digital money which I think China's CBDC is trying to do. Any crypto coin whether it is stable coins or not this will not remove the fact that this will not replace Fiat, they could coexist yes but replacing each other I don't think so.

[tvplus006]

...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?...

I am sure that the government will issue its own national digital currency, instead of using the already functioning stablecoins. Centralization has many advantages for the government, and the main reason that governments will use CBDC is that it will allow emission control.

[CryptoLogo]

Doubt stablecoins will replace fiat. Fiat is too deeply rooted in the world, cash is something that will always be in value.
You cannot cash stablecoins into anything other than fiat. Obviously, fiat will try to change its shape, perhaps even in the form of stablecoins, but it will still be the same fiat.

[Abiky]

I am sure that the government will issue its own national digital currency, instead of using the already functioning stablecoins. Centralization has many advantages for the government, and the main reason that governments will use CBDC is that it will allow emission control.

This is the most likely path governments will take to end paper money once and for all. A digital ledger controlled by central banks will prove to be extremely convenient for mainstream governments. Imagine what these entities will be able to do with your money with a system they can control from top to bottom. It'll be possible to freeze, delete, and deny account access with ease. The new Fiat system will bring increased surveillance and the end of privacy as we speak. While stablecoins provide a certain level of freedom, they might not last for long as governments crackdown on the industry. Only truly decentralized cryptocurrencies like Bitcoin and Ethereum will stand the test of time. Who knows what the future will look like with CBDCs and crypto in play?

Nonetheless, I believe that stablecoins are nothing more than experimental grounds for a future version of digital Fiat. Once CBDCs are launched to the public, expect stablecoins to go all the way down the drain. At least, you'll be able to enjoy the benefits of stablecoins while they last. As a last resort, you can cash out crypto to real Fiat using any exchange of your choice. No matter if stablecoins survive or die in the long run, the crypto/Blockchain industry will carry on as usual. Just my opinion

[concept2]

Doubt stablecoins will replace fiat. Fiat is too deeply rooted in the world, cash is something that will always be in value.
You cannot cash stablecoins into anything other than fiat. Obviously, fiat will try to change its shape, perhaps even in the form of stablecoins, but it will still be the same fiat.

Agree with your point. Fiat will try to evolve. If it remains the same, it will die. And the government will not let that happens. CBDC is being worked so as to replace the tradition cash but it may take time. Up to now, the only country is testing this subject is the China. They are really good in centralizing people and they believe that CBDC is the tool to fully control everything. I feel that there is no freedom or liberty for the citizens who live here but as far as I know, the Chinese still enjoy living while being governed by such dictatorial government 

[Fredomago]

Doubt stablecoins will replace fiat. Fiat is too deeply rooted in the world, cash is something that will always be in value.
You cannot cash stablecoins into anything other than fiat. Obviously, fiat will try to change its shape, perhaps even in the form of stablecoins, but it will still be the same fiat.

Agree with your point. Fiat will try to evolve. If it remains the same, it will die. And the government will not let that happens. CBDC is being worked so as to replace the tradition cash but it may take time. Up to now, the only country is testing this subject is the China. They are really good in centralizing people and they believe that CBDC is the tool to fully control everything. I feel that there is no freedom or liberty for the citizens who live here but as far as I know, the Chinese still enjoy living while being governed by such dictatorial government 

They don't have any choice the dictatorship are more strong than the will of the people to live normal, with such tool the  government
will continue to dominate the people. It's tough to move away from this but those who lives there are all needs to follow whatever the
government decide them to do.

There's no such freedom as what it will applies also with stable coin that this leaders will implement to their people.

[donatello345]

It must be done this way, but not such as the USDT, it seems to me that our states will make their own crypto rubles, dollars, etc. and we will use them.

This way they can begin to control some of the cash flow