Merge all the stable coin into one.

[DVlog]

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

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[batang_bitcoin]

My question is why do we need so many stable coins when they all serve the same purpose?

We don't actually need many of them but it's the developers that keeps on making about it because there's the competition from the issuers. They're also making money from it if they're being liked and used by the people. As long as there's a demand for it and they're seeing the market of it.
I think that's what is going to make them develop as much as they can, thus, there's also no law about it that stops them from producing as many as they can.

[vv181]

To diversify trust, and the issuer also competes to make a bigger profit.

It's unlikely. Unless governments go hard on cryptocurrency and forced everyone to use their own stable coin/CBDC, which is worse. A quite unlikely scenario, IMO. On another hand, there literally exist countless cryptocurrenices, and most of them also have the same purpose, nope, each of the users as does the developers themselves won't be interested in uniting the whole thing.

[bocyaj]

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

It’s not a good way to do this concept.All the coin had different set of people and different set of investors and developers.It was totally merger less concept.To merge of two coins need of the agreement.But the new coin merge to another willl demand the huge amount of merge.Now other coins will accept this,instead they try to increase the capital and try to sustain independent.

[Yogee]

... . The total stable coin supply is $180 billion.

I hope you wouldn't mind but can you share the breakdown of this amount?

Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

If there can't be only one crypto then there can't be one stable coin.

It's not just the chain they used and the collateral backing them that's different. There's also the centralization part where the issuer can freeze your stable coin even if it's stored in your personal wallet. Read this thread if you want more info https://bitcointalk.org/index.php?topic=5204055.0

[Teraboy]

It's possible but this totally -depend with the stable token provider whether they wanna merged their stable token into the universal stable token or not. I just try to remind you that basically there was no different in the stable token. The only thing that makes it different is the provider from the stable token and code that used to secure the stable token.
They are all the same but different companies that issued these stable tokens.
I think that even if these stable tokens have not merged and it's still fine.

[Captain Corporate]

 Considering these are backed by companies most of the time, that means these companies would have to merge together as well and I doubt that would happen, not just economically but legally neither. I mean lets take a look at USDT which is the biggest right now, Binance has BUSD, so Binance would have to swallow bitfinex and tether as a whole, which I doubt legally could be done, even if they can afford to do that, which they probably can't. This is the main reason, its backed by companies and as long as they are, it will not happen. We need to stop using the major ones though, it gives them so much money and power, the centralization is horrible. The day tether gets banned everywhere, will be the day we realize our money is not backed 1 to 1 ratio and they can't pay us all.

[Kavelj22]

 Considering these are backed by companies most of the time, that means these companies would have to merge together as well and I doubt that would happen, not just economically but legally neither. I mean lets take a look at USDT which is the biggest right now, Binance has BUSD, so Binance would have to swallow bitfinex and tether as a whole, which I doubt legally could be done, even if they can afford to do that, which they probably can't. This is the main reason, its backed by companies and as long as they are, it will not happen. We need to stop using the major ones though, it gives them so much money and power, the centralization is horrible. The day tether gets banned everywhere, will be the day we realize our money is not backed 1 to 1 ratio and they can't pay us all.

This answer why we don't really need a stable coin at first place. Any currency will reach a certain stability by time goes by like with FIAT money. Although we call it stable coin refering to the USD while the dollar itself is not that stable.
This form of tokens was mainly created as a trade instrument within exchanges.

[asriloni]

It's possible to happen but the main question is whether these developers wanna try to do that. Those developers have their own vision and it can be said that if that's almost impossible to merge the stable tokens that developed or maintained by the different team. The possible thing that to create a new universal stable token that will be representing the whole of stable tokens in our ecosystem.
I think that the answer is yes but with various factor that appeared and it can become a big no.

[southerngentuk]

It's not a big deal, I think diversification in the crypto space makes it easier for us to choose, without over complicating matters when it doesn't affect the market too much. Personally, I think it only needs collateral and it really creates the trust of the community. Of course, competition also helps push the market up.

[Google+]

It's not a big deal, I think diversification in the crypto space makes it easier for us to choose, without over complicating matters when it doesn't affect the market too much. Personally, I think it only needs collateral and it really creates the trust of the community. Of course, competition also helps push the market up.

But is there any guarantee so far ? I think that whatever options exist in the crypto space will not always provide a sure guarantee for everyone and everyone who has believed in one of the products in cryptocurrency is purely because of his own analysis and research results.

[martina14]

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

In my personal assessment, I don't think we need many stable coins. Because the more the many the risk is more getting higher as well.
Second, stable coins will only be good as long as they have a good community and backed by a strong fiat currency. Due to if not, it won't last
long in the end.

[Kemarit]

"The more the merrier", as least we have options on what stable coins we are going to used.

However, I doubt that we are going to see them merging, I mean this is business and from that standpoint, everyone of them, at least the people behind the project wanted a piece of the action and to make money out of everyone who is going to used their stable coin.

[cryptoaddictchie]

My question is why do we need so many stable coins when they all serve the same purpose?

Actually its a good thing also. These stablecoins arent came from a single company and they are owned by differrent ones. What if one of them got hacked or compromised? If its merged as one then you could consider a huge chaos about that. Atleast by many stable coins we could pick a good choice or a safer one to trust with.

[Republikcoin.com]

In my personal assessment, I don't think we need many stable coins. Because the more the many the risk is more getting higher as well.
Second, stable coins will only be good as long as they have a good community and backed by a strong fiat currency. Due to if not, it won't last
long in the end.

The so-called stablecoins are coins whose prices are always stable with fiat currency benchmarks globally, so that would be great even if there are not many models and there are only a few that are used very often by everyone with the support of a very diverse network.
So I think it's very clear that what doesn't have a stable and lasting price like fiat currencies, then it's not a stablecoin even though the name is taken from a stablecoin that is already popular.

[bluebit25]

My question is why do we need so many stable coins when they all serve the same purpose?

The diversification of the market creates competition, and we all know that they are not a group.

Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

There's really no need for that idea, it's centralizing the field. Stablecoins in this market have an important property that separates the high risk/high return character of cryptos from the frequent volatility of crypto assets, making stablecoins a more suitable cryptocurrency for storage and as a medium of exchange value.

[poodle63]

Merged all of stable tokens into the one form will not solve the problem. The fact that even the stable tokens have issued by various developers with their own name and people are not even feeling confuse to know the difference between it. In my opinion that if we are seeing it correctly and then you  can know if people are not feeling so difficult to know the difference between these stable tokens.
Im also using various stable tokens based on what i need. These stable tokens have been offering the different features from one to the each other.
That's why the competition is very strict these days.

[retreat]

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

business competition, that's what I see from the emergence of many stable coins today. can we manage that? the answer is no! because all developers are free to create stable new coins as long as it is reliable and also has real liquidity. all we can do now is choose which one is best for us (personally).

[mindrust]

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

This is the future. Get used to it. Everybody will be issuing their own stable coins and nobody will care or do anything about it. Do they have less assets to back the tokens? Do they have any assets at all? Nobody cares. Even if you manage to merge them, some other crook will pop up and make his own stable coin. In the end you can't convince them all.

[goinmerry]

Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

I don't like the idea. We need lots of stable coins as that will push on a much tight competition. They might have the same purpose but the actual implementation and future developments are varied with each other. The goal is, how to solve all issues and a single stable coin can't solve it.

We need these several options as being limited to only a few options or a single one might just lead to more problems.

We can compare these to other blockchains network problems like the reason why altcoins are made.