USDC is not safe

[Teraboy]

In my opinion, most stablecoins are not safe, but myself use USDT if I want to hold stablecoin, although in my opinion USDT is also not necessarily safe, but at least USDT is safer than other stablecoins, therefore if you want to use stablecoins, then I suggest you to use USDT rather than other stablecoins (including USDC).

I always thinks that most stablecoin just as safe as bank, they could be collapsing for many reasons, but in general they are reliable enough that I'd say saving wealth using them is still relevant.
but just don't keep for too long, always withdraw to fiat if you think you don't want lose your investment.

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[woez]

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 

I think some critics argue that the centralized nature of stablecoins runs counter to the decentralized ethos of cryptocurrencies, which is one of the key tenets that attracts many investors to the space. Like other financial products, stablecoins are also subject to regulatory risk. Governments and regulatory agencies around the world are still grappling with how to classify and regulate cryptocurrencies, and there is always the risk of sudden regulatory changes that could impact the value and stability of stablecoins.

The best way to store stablecoins depends on your personal needs and preferences. Look for a platform with a track record of security and a commitment to keeping customer funds safe and consider using a cold storage option for your stablecoins. Diversifying your coin holdings across one platform helps reduce risk. failed or compromised.

[timoshani]

In my opinion, most stablecoins are not safe, but myself use USDT if I want to hold stablecoin, although in my opinion USDT is also not necessarily safe, but at least USDT is safer than other stablecoins, therefore if you want to use stablecoins, then I suggest you to use USDT rather than other stablecoins (including USDC).

I always thinks that most stablecoin just as safe as bank, they could be collapsing for many reasons, but in general they are reliable enough that I'd say saving wealth using them is still relevant.
but just don't keep for too long, always withdraw to fiat if you think you don't want lose your investment.

Belief in USDC swayed a little in this stablecoin when Luna fell. In general, it seems strange to me that the USDC does not equal exactly 1 dollar. It also concerns other similar stables. All explanations found on the forums do not look very justified. I think that USDC can be completely cancelled as a stablecoin with a significant market drawdown.

[fzkto]

In my opinion, most stablecoins are not safe, but myself use USDT if I want to hold stablecoin, although in my opinion USDT is also not necessarily safe, but at least USDT is safer than other stablecoins, therefore if you want to use stablecoins, then I suggest you to use USDT rather than other stablecoins (including USDC).

I always thinks that most stablecoin just as safe as bank, they could be collapsing for many reasons, but in general they are reliable enough that I'd say saving wealth using them is still relevant.
but just don't keep for too long, always withdraw to fiat if you think you don't want lose your investment.

It's interesting to read posts like this on a forum about cryptocurrencies, which were created specifically to keep people from using banks, i.e. not trusting money to a third party, which is a bank. Yes, you are right, stablecoins are like a bank, because you trust your money to someone who can block it at any time and not return it to you, citing some piece of paper that says you are a criminal or something like that. So stablecoins, like banks, are not safe.

[slashz9]

One option to consider is to store stablecoins in a hardware wallet like Ledger or Trezor. These wallets offer a high level of security and protect your coins from potential hacks and cyber attacks. It is important to make sure that the hardware wallet supports the specific stablecoin you are looking to store.

[mbakruroh]

Storing stable coins or any cryptocurrency safely is a crucial aspect of managing your digital assets. While all stable coins have their own unique features and risks, there are a few general principles you can follow to keep your funds as safe as possible.One of the safest ways to store cryptocurrency is by using a hardware wallet. These devices store your private keys offline, making it difficult for hackers to access your funds.

If I take what the OP is talking about, they are not talking about a hack, because USDC can be stored in a different wallet. But they are worried about losing value against the dollar. Like the drop in the value of USDC to 0.9 USD last March.

[zasad@]

One option to consider is to store stablecoins in a hardware wallet like Ledger or Trezor. These wallets offer a high level of security and protect your coins from potential hacks and cyber attacks. It is important to make sure that the hardware wallet supports the specific stablecoin you are looking to store.

It is difficult to name which hardware wallets do not support USDC or USDT. Another problem is that your tokens may be blocked or you may be required to go through the KUS procedure at any time in order to continue using the tokens.
I advise everyone to study this
Stablecoins and Blacklists
https://bitcointalk.org/index.php?topic=5247581

[KingsDen]

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. .

I keep saying this, that in as much as the cryptocurrency industry is concerned, nothing is really safe in this industry. Both the investment in Bitcoin, the ones in Altcoins and the one in stable coins. No one is 100% guaranteed to be safe. So you have to apply the idea of diversification, knowing that everything cannot fail at the same time. If you refuse to use cash that you will lose some percentage of your money because of inflation, then split your portfolio among these stable coins. There is no how three of these stable coins will fail simultaneously. Could this be a good idea?

[Abiky]

One option to consider is to store stablecoins in a hardware wallet like Ledger or Trezor. These wallets offer a high level of security and protect your coins from potential hacks and cyber attacks. It is important to make sure that the hardware wallet supports the specific stablecoin you are looking to store.

If the stablecoin you're holding goes to zero, then you're doomed. Why would I want the best security for my stablecoin holdings if they will eventually fade away into oblivion? USDC lost its peg a few months ago due to the US banking crisis. It went back up because the issuing company (Circle) used its reserves to honor the $1 peg. If something worse happens, then you can say bye-bye to the stablecoin for good. Nothing is guaranteed to last forever, anyways. Not even Tether (USDT) is safe.

If a stablecoin is not backed by the government, don't count on it as a reliable medium of exchange. I think CBDCs will eventually prevail, leaving stablecoins behind in the dust. With strong regulations against the crypto/Blockchain industry, anything can be expected. Just my opinion

[tvplus006]

...If a stablecoin is not backed by the government, don't count on it as a reliable medium of exchange. I think CBDCs will eventually prevail, leaving stablecoins behind in the dust. With strong regulations against the crypto/Blockchain industry, anything can be expected. Just my opinion

Since CBDC will be issued by different countries, they cannot be equal in their reliability. It's like comparing the American dollar with the Nigerian naira. In this case, the digital naira may turn out to be quite unreliable CBDC in relation to the stablecoin, which will be backed by the US dollar.

[hamba laeh]

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.

This is why I never trust in anything that link with "centralization" because of the are scam or has poor security. If you mention the risk of holding DAI is, DAI can't survive during crisis situation, then explain to me which fiat money can survive during crisis situation? None!

Fiat also lose it's value when crisis happen, this is why DAI need a time to adjust with the current fiat price. Actually that's a risk of holding stable coin, but it has nothing to do with a centralization risk.

yes, I agree with you that in a crisis situation everything will lose value, be it crypto or fiat, because of the crisis conditions that have changed various circumstances for the worse. so all have their respective risks in investment. and if you don't dare to take a risk then it's better to back off. and until now all stable coins are still in a safe condition.

[Xal0lex]

Not even Tether (USDT) is safe.

However, look at how the other known stablecoins behaved compared to USDT. USDT performed better than other coins during the market crash of 2022 and during the de-peg of USDC in 2023. No matter how they bury it, it shows in practice that it is the best, even better than DAI, which has been a complete disappointment this year. USDT proves once again that it is much more reliable than other stablecoins, no matter what great models they have for securing their reserves.

[Abiky]

However, look at how the other known stablecoins behaved compared to USDT. USDT performed better than other coins during the market crash of 2022 and during the de-peg of USDC in 2023. No matter how they bury it, it shows in practice that it is the best, even better than DAI, which has been a complete disappointment this year. USDT proves once again that it is much more reliable than other stablecoins, no matter what great models they have for securing their reserves.

I'm curious to know how USDT managed to retain its peg even during the US banking crisis in March. Maybe it's because the issuer of the stablecoin has USD reserves on muliple banks spread throughout the world? Or maybe it's artificially "pumping" USDT's market price to keep it at $1? Whatever the issuing company is doing will be revealed in the long run. If USDT remains valued at $1 forever, then I don't see why you should avoid it in the first place.

Like it or not, regulations are coming in. Let's see if Tether will ultimately comply, or fall behind in the dust as other stablecoins take the lead. Just my opinion

[ichsan ardi]

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  


https://twitter.com/CryptoInsider23/status/1542027718677504002

I personally probably won't save my assets to any stablecoin because it's the same as centralized banknotes, they're all scams in my personal view. I prefer to keep my assets in bitcoin with a cold wallet like trezor or safepal wallet because it's 100% full, we control what's more, bitcoin is limited to only 21 million coins in the world, the nature of fix can't be added anymore

[disconnectme]

There are no centralized stablecoins that are safe, they are even worse because the rate at which these entities track your wallet is worse than that of the normal banks, people will argue that they bring liquidity and reduce barriers of entry but the risk of using them outweigh the reward, my concern is why are these DEXes making USDC their major stablecoin, they must have been bought or stack ignorance on their path

[Xal0lex]

However, look at how the other known stablecoins behaved compared to USDT. USDT performed better than other coins during the market crash of 2022 and during the de-peg of USDC in 2023. No matter how they bury it, it shows in practice that it is the best, even better than DAI, which has been a complete disappointment this year. USDT proves once again that it is much more reliable than other stablecoins, no matter what great models they have for securing their reserves.

I'm curious to know how USDT managed to retain its peg even during the US banking crisis in March. Maybe it's because the issuer of the stablecoin has USD reserves on muliple banks spread throughout the world? Or maybe it's artificially "pumping" USDT's market price to keep it at $1? Whatever the issuing company is doing will be revealed in the long run. If USDT remains valued at $1 forever, then I don't see why you should avoid it in the first place.

Like it or not, regulations are coming in. Let's see if Tether will ultimately comply, or fall behind in the dust as other stablecoins take the lead. Just my opinion

I don't rule out the possibility that this price was drawn, that is, the peg was theoretical, and the rest was done by market makers to save the price from collapse. We know that most of the USDT reserves are scattered in all sorts of securities and indices, not in the fiat currency itself, so this may have some effect on similar events you mention as an example. I'm sure the big exchange players are behind the USDT price and they support the asset in every way they can as long as it benefits them in their trades.

[Abiky]

There are no centralized stablecoins that are safe, they are even worse because the rate at which these entities track your wallet is worse than that of the normal banks, people will argue that they bring liquidity and reduce barriers of entry but the risk of using them outweigh the reward, my concern is why are these DEXes making USDC their major stablecoin, they must have been bought or stack ignorance on their path

DEXs have no other choice, especially when even the so-called decentralized stablecoins (like DAI) have USD reserves on a bank. Everything is centralized, except algorithmic stablecoins (although they're also subject to failure). There's no reason to be concerned about this, since stablecoins are just "experimental versions" of digital Fiat currencies. You get what you pay for.

If you want to be safe, just sell your crypto for cash. No need to convert to a stablecoin unless you're day trading or want to stake on "De-Fi" platforms. Government regulations will become stricter, so there's hope stablecoin issuers will take more responsibility against customer losses in the future. Maybe stablecoins will get to live alongside CBDCs for generations? Just my thoughts

[FahriZah]

This is totally my personal opinion about USDC stable coin many time many people’s confused what is the future USDC stable coin. Actually stable coin means USDC,USDT,BUSD Etc all Above the price around $1 and usdc price already huge fall and many people’s not happy with usdc i hope USDT and BUSD better for stable coin.

[BaeSuzy]

In my opinion Stablecoins are bullshit and we may as well get rid of these scams with the rest of the dirty shit that went down recently. It will help to sanitize the crypto space which became 95% scam in the last several years.

[riskarcher]

In my opinion Stablecoins are bullshit and we may as well get rid of these scams with the rest of the dirty shit that went down recently. It will help to sanitize the crypto space which became 95% scam in the last several years.

only usdt is stablecoin still maintain security on their system, USDT is currently one of the most widely adopted stablecoins in the cryptocurrency ecosystem. It is supported by numerous cryptocurrency exchanges and used for trading, liquidity provision, and as a base pair for various trading pairs. USDT carries counterparty risk. Users are relying on the issuer's ability to maintain the peg to the US dollar and manage the reserves. It's essential to assess the reputation, track record, and regulatory compliance of the issuer when considering the stability and safety of USDT. Which is USDT more better than USDC and other stablecoins