USDC is not safe

[nimogsm]

For this reason,I don't keep my savings in just one stable.At the moment there are enough alternatives and you can choose any one.We all understand that no asset is 100% safe, but for now we have to use what we have.For the most part, of course,I try to store in bitcoin, but the market is very unstable.

[Captain Corporate]

I can't read sheets as well as others here, so you would know better than I do, so you guys should tell me if this is real or not. But even if we removed all of these, don't you think that it would be very very weird if USDC was doing good? I mean any stablecoin to be doing good? Isn't it clear that we are all giving our money to some people who are giving us some fake money and saying that they will back it up? Bitcoin at least has our own backing and we decide the price and if it goes down then it goes down, in stablecoin logic, there is a company that keeps it at 1 dollar exactly and we all believe them for some reason. Never trusted any stablecoin, nor will I ever trust.

[GreatArkansas]

Even if USDC got depeged, we still have BUSD & USDT, if BUSD depeged, we still have USDT, but if USDT depeged, we are done. No any stablecoin anymore should be trusted

So far, all three are stable, but in my opinion, they are not reliable, don't wait for an incident to be alert, it's too late. They are all centralized coins and can crash or freeze our assets anytime. The influence of stablecoins on the market is vast but let's always be careful and take precautions because anything can happen, don't forget the death of UST.

Stablecoin is stablecoin. They are all centralized and being controlled, so this is the issue here, it's not decentralized so expect that there will be always a downside to it. Before there is some issue about Tether (USDT) that it's not 100% fully backed by fiat USD 1:1, I'm not sure if this is true or not but if that was true, it's very scary, that stablecoin could collapse in just any second, best example is UST, hours/days only became worthless.

[SquirrelJulietGarden]

Stablecoin is stablecoin. They are all centralized and being controlled, so this is the issue here, it's not decentralized so expect that there will be always a downside to it. Before there is some issue about Tether (USDT) that it's not 100% fully backed by fiat USD 1:1, I'm not sure if this is true or not but if that was true, it's very scary, that stablecoin could collapse in just any second, best example is UST, hours/days only became worthless.

We don't know how companies which launch stable coins back their coins with fiat currency at 1:1 ratio or less. They have reports but we can not believe those reports blindly.

I would like to cash out my Bitcoin or altcoins to have fiat currencies, USD. When I need to buy bitcoin or altcoins again, I use USD to buy USDT as a medium coin to buy Bitcoin and cryptocurrency.

I would not want to store all my capital in stable coin, not USDT or other stable coins. It is so risky. Cryptocurrency companies and their founders are degens and we should not put our capital at risk by believing them too much.

[LastKiss]

Well, we all know Tether has issues and many people say that USDC is much safer than USDT which is not true according to this research.
Although this tweet is few months old but it is a moment of concern. All of these coins USDT, and USDC and even BUSD are not safe. The Algorithmic stable coins like Dai can also lose their peg against the dollar in a crisis situation.

In this situation, what can be the best way to store our stable coins 
~snip~

Well they say it is much safer because someone said it to change from USDT to USDC on Twitter, I read that Twitter message from Coinbase account tho although they only change it because it's zero fees not much safer. There's always a risk in this crypto industry and everyone has their own way to store their coins, just find what the best for you if you want to store it in stablecoins it's better that have good transparency or if want to store it in top coins then Bitcoin always be the choice.

[ice18]

So USDC, USDT, both is not safe anymore? So what stable coins are trusted today, nothing? Even BUSD and Binance exchange reserve is in hot seat now for its proof of reserve (https://twitter.com/mikealfred/status/1601959206239629320) so BUSD is also in danger, what if any moment this stables value become unstable looks like its too risky to hold stable now. 

[Bitstar_coin]

Well, we all know Tether has issues and many people say that USDC is much safer than USDT which is not true according to this research.
Although this tweet is few months old but it is a moment of concern. All of these coins USDT, and USDC and even BUSD are not safe. The Algorithmic stable coins like Dai can also lose their peg against the dollar in a crisis situation.

In this situation, what can be the best way to store our stable coins 

Yeah, what an irony this is, usdc, usdt, busd, all other stablecoins are not safe, even fiat is not safe according to popular voice, so which one is safe? or should we all store with btc only, is this the answer to this problem? Although btc is not a stablecoin it seems to be the only asset among the numerous in the market you can trust.
At this point, it is very confusing what asset is trust worthy beside btc.

[Kadal Ijo]

Actually there are many stable coin projects that are trying to be presented, maybe the popular ones today are 3 namely USDT, Busd and USDC, is the coin stable 100% certainly safe? Surely no one can guarantee, but what I know is that they have strong legality so that we can still trust with these stable coins.

[darewaller]

Even BUSD and Binance exchange reserve is in hot seat now for its proof of reserve (https://twitter.com/mikealfred/status/1601959206239629320) so BUSD is also in danger, what if any moment this stables value become unstable looks like its too risky to hold stable now.  

That tweet is talking about shortage of $245 million and anyone who has been watching binance from its beginning days know the facts; that must be a FUD against a crypto giant to grab cheaper prices of all cryptos. Basically I am not a supporter of any stablecoin or exchange but suspecting binance for $245 millions does not sound realistic.

Stablecoins were not part of crypto space some 5 years back but now people are making use of it for many applications like P2P trading and bot trading hence I wish to have a problem-free stablecoins but we do get only corporate coins. A decentralized stablecoin must be a solution here (I know DAI claims themselves decentralized but that also another corporate shit).

[zasad@]

In this situation, what can be the best way to store our stable coins  

CASH only!

If you are saving cash means literally you are losing every year approximately 5% of your saving as global average inflation rate for current times is around that. When we are talking about crypto stable coins are not safer to store value, we must need to remember government's cash are practically danger to our saving. If you prefer cash to store your wealth then I guess you may go risking your wealth even with anything as cash got guaranteed depression of 5% whereas most investment things got at least 10% chances for appreciations.

What do you think is better: to lose 5% per year due to inflation or to risk losing all your savings?
More reliable than cash has not yet been invented. Of course, this depends on the country of residence, because in my country, cash can be quickly exchanged for cryptocurrency and vice versa, and this is not taxed.

[coinerer]

USDT is still considered a major stablecoin company.  But the bad market situation and various unbelievable scam incidents create a confusion in our mind for everything.  So no coin is 100% trustworthy at present. So don't leave your entire fund on a single coin at this time.  The entire fund should be divided into several parts and saved . In this case USDC, BUSD, USDT no peg  are not 100% reliable

[Brigoldonor]

DAI would be a better choice, I think so, I had always store my stable assets in DAI. Most probably I had store my little amount in bitcoin, but I don't store it there for any profit, as when the bitcoin falls or goes up there would not be any affect on my small assets. I don't tell others to do, but this is my ways for storing assets.

[Hildentine]

In this case i simply said that Stablecoins are safe like usdt , busd ,usdc etc but i think not any thing safe because its a crypto not anyone know what are going tomorrow but many people save there fund in the form of Stablecoins so they easily save there fund but not anyone know that which Stablecoins are not safe usdc ect are the old coins and many years regularly people use that coins.

[Heulahee]

A better way of holding your assets in stablecoin is in my opinion simply bitcoin, and after holding it for a long term, bitcoin may give you some profit if it goes up at a larger scale. In another sense, it can give the holder some loss as well. The only possibility in my opinion would be DAI, we can still use it as a stablecoin.

[redsun114]

I don't know if who says that USDC is much safer than USDT when both of them are the same (centralized) but I think the reason why they say that is because they never heard USDC have been involved in any anomalies but now that it have one here I guess their views about USDC are going to change a little. DAI is algorithmic but unlike other algo stable coins. DAI haven't depeg yet right after the crash of Luna and UST. We are also in a crisis right now and there are no reports that DAI have depegged.

I guess that is safe to assume that DAI is the most safest stable coin up to this date. The best way to store our stable coins is via a hardware wallet or offline wallet (E.g an old/unused computer). If online, then just pick a non-custodial wallet. Lastly, don't ever store coins inside a crypto exchange.

[noormcs5]

In this situation, what can be the best way to store our stable coins  

CASH only!

You can't trust CASH in times of high inflation across the globe. If you keep your money in cash you are already on the losing side. If you want to keep the money outside crypto, Gold may be a good choice but Fait currency is not a good option.

I trust BUSD caused by has backed by the real money.

Who told that BUSD is 100% backed by real money. Binance's proof of reserves raises red flags: Report. Once Binance faces any such issues, BUSD will be affected no matter what.

[SquallLeonhart]

USDT is still considered a major stablecoin company.  But the bad market situation and various unbelievable scam incidents create a confusion in our mind for everything.  So no coin is 100% trustworthy at present. So don't leave your entire fund on a single coin at this time.  The entire fund should be divided into several parts and saved . In this case USDC, BUSD, USDT no peg  are not 100% reliable

That is true, just because they are huge doesn't mean that they won't fall down. Bernie Madoff had a 50+ billion dollar hedge fund, turns out it was all a scam, or Enron was a huge company worth billions, turns out it was a scam.

Just because something is huge, doesn't mean that it is not a scam, and on top  of that even if something is not a scam, they could fail too, look at nokia and panasonic, they were huge at some point, gone after smart phone era started, this is why there is absolutely no way that you could guarantee something to go n just because it is big right now. USDT is the same, scam or not, it could always fail and we should be ready for it, or just put it on decentralized coins.

[Jaered]

This article really aged well. USDC has weathered many storms, and obviously came through this particular issue unscathed, so maybe it is better than Tether(for now). But if you are looking for long term store of value why don't you split between USDC, USDT and BUSD?

[Xal0lex]

Even though USDC is trying to show that its tokens have better security than USDT, but in fact, it is the same centralized stablecoin as Tether, and it is also subject to regulators. What kind of security and reliability can we talk about here? If you want better security and reliability than USDC and USDT, use DAI or stablecoins with similar security.

[Psynthax]

then I guess best course of action just diversify your wealth, even though realistically, every investment instrument has the risk of losing its value, but it's still better than just putting your money in one place, so that when there's accident like for the worst comes to worse just like UST you could still save some money so that you didn't really get affected that much, I think at this moment, there's always chance that the investments that you invested in, could literally turns into thin air.