Do You trust Tether (USDT) Stablecoin?

[deepblue01]

I trust it enough to use it, not to hold it. But who's holding stablecoins anyway, right?

i don't know who. but someone does hold it. maybe someone doesn't want to withdraw his money because of something like taxes

until now I still believe and use Tether (USDT), because in my opinion Tether (USDT) is a decent stablecoin for me to use, this is evident from the very high volume of Tether (USDT) and Tether (USDT) is also ranked 3rd, so of course that's what makes me confident and believe to using Tether (USDT) until recently.

So far, I personally still use Usdt and so far it's still very safe, although sometimes prices often change from time to time and I think this is reasonable and doesn't really make us feel like we're going to leave it, because until now we often use Usdt for transactions. daily needs. we can still trust Tether ( USDT ) for now.

what is your daily need. are you a trader?

im afraid if i don't trust this stablecoin i'd have no way of going against the fluctuation keeping my assets from being disrupted
by the massive volatility that the market has.
usdt is the longest standing stablecoin there is and I don't think it's gonna go anywhere.

I think it wont go anywhere. usdt is here to stay because the community want it. back then before stablecoin. there is bitcoin is the grand cryptocurrency we trade for another altcoin.
But since 2017 usd tether take control almost everything in daily volume. less and less people gonna trade like UNI/ETH, CAKE/BNB, ETH/BTC or BNB/BTC.

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[Iyeman]

Tether has been a controversial stablecoin in the crypto world. While it has gained widespread adoption, concerns about transparency and market manipulation have been raised. Other credible stablecoin options include USDC, Dai, and TUSD. It's important to research and make informed decisions when investing in stablecoins.

As long as people are putting their trust to the tether and im sure nothing happened with it. The only problem if people are not able to trust it. Tether is far better than USDC. USDC is always having problems.
Stable token can't be used as investment.

[JeffBrad12]

Many people spread rumors without thinking much about cryptocurrency, those who spread rumors about Tether USDT do not know that they have a long history in cryptocurrency and have been in the market for a long time. I believe Tether USDT is a very reliable stable currency. If someone wants to keep his currency stable then I would say Tether USDT is one of the best options. But storing all your capital in USDT will not be safe. Also you can use BUSD.I have been using USD for a long time and from my experience I have not noticed any anomalies where there is a chance of a scam.But if anyone has any doubts about this, you can keep your capital converted into various trusted currencies as a decentralization.

well even though tether is like the pioneer of stablecoin it's still doesn't reduce the fact that even a coin like that could collapse, people wouldn't believe it at first they thought they are too big to fail but the chance is still there even though it's rather slim. i'd say the solution you presented to prevent such disaster through spreading the investment to various coins as a mean of diversifying could helps.
but talking from the point of view of an investors that want to keep the wealth from deteriorating from the volatility itself, stablecoin is much certainly the most convenient way and sometimes diversifying too much will just adds
some complexity towards the investment.

[Abiky]

Shipping costs? Are you referring to transaction fees? You are aware that bsc network can move other stable coins as well that are also dirt cheap to use?

Also i don't think many of us are using erc20, for moving small amounts of usdt anyway. Not only it's supported by bsc, you have move it via Arbitrum, Solana, Optimism, Tron, and even Bitcoin.

I am keeping mine in stablecoin if i want to reduce volatility. If i store something in fiat, i feel like i am completely out of the game.

I think that's Tether's huge selling point. It's available on multiple blockchain networks, unlike many of its rivals. Not only that, but the USDT stablecoin has first-mover advantage on the market. It has managed to retain its peg to the US Dollar, even with the banking crisis taking the world by storm.

For Tether to fail, Bitfinex (the issuing company) must cease to exist. And I don't see that happening anytime soon. The company is bigger and stronger than ever. It's likely Tether will remain the sole survivor of the stablecoins group, until CBDCs replace paper money for good. Maybe the US will go as far as adopting USDT as the new "Digital Dollar"? Just my thoughts

[kuyaJ]

I'm in crypo world since 2021 only and since then I've noticed a lot of folks talking about Tether as being a potentional scam that may crash the markets one day and I've watched videos from crypto detectives/scam busters such as Coffeezilla and he makes some pretty fair points about Tether being the cryptos biggest scam.

I wanna personally know from people who have been in crypto for little longer than I have and maybe know a few things more or could share their personal view on Tether.

My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?

Thanks in advance for more experienced folks for sharing their insight!

I am in Cryptoworld since 2017, there is no sure about the most credible stablecoin except USDT since there is some stablecoin that crashes, for example, Terra(LUNA).

"LUNA was meant to buffer TerraUSD against market volatility, but it succumbed to extreme selling over recent days. Its trading price was knocked down to $0.03, last week. That’s down 99.9% since May 6.

“It was inevitable Terra crashed as the reliance on using other cryptocurrencies as collateral as well as the minting/burning mechanism of LUNA for Terra was not sufficient to survive any serious market volatility,” says Adam Carlton, CEO of crypto wallet PinkPanda says.

In a bid to save TerraUSD, the Luna Foundation Guard (LFG), the nonprofit that supports the Terra network, depleted its entire reserve of $3 billion in Bitcoin. And it was the fund’s dumping of its Bitcoin reserves in a last-ditch effort to save UST that probably helped contribute to Bitcoin’s volatility."

Source: https://www.forbes.com/advisor/in/investing/cryptocurrency/crypto-market-crash/

In stablecoins, there have generally been successful in maintaining they're pegged, there have been isolated incidents where specific stablecoins faced challenges or failed to maintain their intended stability. These instances can be attributed to various factors, including insufficient collateralization, mismanagement, lack of transparency, regulatory issues, or market shocks. However, it is worth noting that stablecoins such as Tether (USDT), USD Coin (USDC), and DAI have been operating relatively stably and have gained significant traction in the crypto market. These stablecoins are widely used for various purposes, including remittances, trading, and as a store of value. They have established themselves as credible options within the cryptocurrency ecosystem.

It's crucial for users and investors to conduct thorough research and due diligence before engaging with any stablecoin to assess its credibility, track record, and the mechanisms in place to maintain stability. Market volatility and risks are inherent to the cryptocurrency space, and careful consideration is necessary when choosing stablecoins or any other digital assets.

[globalpain]

There's nothing to worry about with Tether for now, look at how much the marketcap of Tether is?
yes, Tether is in the top 3 of Coinmarketcap, meaning that Tether trusts everyone, of course, is very trusted,
so there is nothing bad about Tether and even Tether is the top 1 stable coin circulating in the crypto market.

[SlimShadyMmp]

The way I see it is you can either go USDT or USDC and then the rest in TUSD or have it decentralized like CurveUSD or wait on AaveUSD I hear DJED is also going Multi-Chain but seriuosly USDT are more established and anything happening to usdt will affect the whole market (the have some us-bonds ). You can never say never but for now they seem alright but maybe divide your cash holdings to USDT and USDC also get some DJED or something just incase

[lobo13hf]

There's nothing to worry about with Tether for now, look at how much the marketcap of Tether is?
yes, Tether is in the top 3 of Coinmarketcap, meaning that Tether trusts everyone, of course, is very trusted,
so there is nothing bad about Tether and even Tether is the top 1 stable coin circulating in the crypto market.

agreed with this statement, as much as many rumours surrounding it. I honestly dont really worry much about the well being of this coin.
since my investment also usually measly amount, i have no doubt about the reliability of this coin, though it's always better if everyone just use this coin
temporarily for a mean of saving wealth against inflation.

[royalfestus]

Tether, being widely supported by American investors and backed by substantial funds in a bank, stands out as an exceptionally robust stablecoin. It currently holds a significant market share, making it one of the most prominent stablecoins available. Moreover, it enjoys strong backing from numerous blockchain platforms.

[woez]

So far, I personally still use Usdt and so far it's still very safe, although sometimes prices often change from time to time and I think this is reasonable and doesn't really make us feel like we're going to leave it, because until now we often use Usdt for transactions. daily needs. we can still trust Tether ( USDT ) for now.

I also think that it feels no different holding fiat (my country's currency) and USDT and in terms of value they are also very close. And all platforms on average have the option of either depositing or Wd using USDT. it's just that the fee value is different when we do WD and I think it's still very affordable. Yes. Fiat is still safe and comfortable for us to use.

[fzkto]

Tether, being widely supported by American investors and backed by substantial funds in a bank, stands out as an exceptionally robust stablecoin. It currently holds a significant market share, making it one of the most prominent stablecoins available. Moreover, it enjoys strong backing from numerous blockchain platforms.

I guess Tether has reserves, but I don't believe it is fully backed by dollars in the bank. A few years ago they personally talked about not being fully backed by the dollar, but having enough cryptocurrency to cover the missing dollars. To me it looks absurd that a company that prints paper produces absolutely nothing, has a capitalisation of 83 billion dollars in some banks, not even in the US jurisdiction.

[Abiky]

Tether, being widely supported by American investors and backed by substantial funds in a bank, stands out as an exceptionally robust stablecoin. It currently holds a significant market share, making it one of the most prominent stablecoins available. Moreover, it enjoys strong backing from numerous blockchain platforms.

Just because Tether is doing well mow, doesn't mean it's guaranteed to last forever. Besides being centralized, USDT is heavily-dependent on the US banking system. Therefore, it could fail if the US Dollar goes all the way down the drain in an instant. If you really want something safe that will truly last forever, then Bitcoin would be your only option. The cryptocurrency is trustless and free from government and corporate control.

Of course, there's always the issue of volatility. But that wouldn't be much of a problem for those who don't care about Fiat currencies. The latter is bound to collapse soon.
Who knows what would be of stablecoins like Tether (USDT) and USD Coin (USDC) in the future? Just my thoughts

[mich]

Well now Tether has made a alliance with the government of the country of Georgia. Tether and the Georgian Ministry of Economy signed a memorandum of understanding to collaborate on various issues about the blockchain.

Tether is also interested in investing in the country. This includes new local startup companies.  https://bitcoinist.com/building-bitcoin-powerhouse-tether-govt-of-georgia/

[promisedtech]

I trust usdt as it's been around and stable over the years, many a lot of people make their transaction using usdt . You can browse the market cap so as to enhance your trust

[mich]

USDT has just had successful launch on Cosmos via Kava. This will give stablecoin liquidity and help with expanding on Cosmos and EVM ecosystems.

https://bravenewcoin.com/insights/tether-launches-usdt-on-kava

[nicolas222]

They have been on the market for a long time, one of the first even if in the past they have had small problems now they are fine i think it is the safest among the stable coins

[Justin999]

Yes i did. After all i was always open trade with usdt pair and i saw most of people did that even still doing so. But after knowing such issues you mentioned, i open less trade with usdt but with busd. Maybe thus i can minimize my losses if anything bad happened. But if you are thinking about just holding stablecoin on wallet, then better to Division your money and keep busd usdc dai or other you wish along with usdt! Although i I don't think that anyone need to worry about this usdt matter

[shinratensei_]

They have been on the market for a long time, one of the first even if in the past they have had small problems now they are fine i think it is the safest among the stable coins

saying its safest among the other stablecoins out there might be an overstatement, though arguably its still one of best.
honestly considering the fact that it has been standing for long already means that if it collapses somehow many things will be affected.
I guess i'd still trust this coin knowing that its among the highest in term of market capitalization, maybe its one of those thing thats just too big to fail.
though regardless the diversification in my investment still have bigger role in anticipating such collapse from caused negative effects towards my investments.

[nick_2017]

I'm in crypo world since 2021 only and since then I've noticed a lot of folks talking about Tether as being a potentional scam that may crash the markets one day and I've watched videos from crypto detectives/scam busters such as Coffeezilla and he makes some pretty fair points about Tether being the cryptos biggest scam.

I wanna personally know from people who have been in crypto for little longer than I have and maybe know a few things more or could share their personal view on Tether.

My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?

Thanks in advance for more experienced folks for sharing their insight!

Here are a few notable examples:

Tether (USDT): Tether is one of the most widely used stablecoins and has been around since 2014. It claims to be backed 1:1 by fiat currency reserves, although its transparency has been a subject of scrutiny.

USD Coin (USDC): USDC is a stablecoin created by Circle and Coinbase. It is audited regularly and claims to have full reserves backing each token.

DAI: DAI is a decentralized stablecoin created on the Ethereum blockchain. It maintains its stability through an algorithmic mechanism rather than relying on direct fiat reserves. DAI has gained credibility due to its decentralized nature and community governance.

TrueUSD (TUSD): TrueUSD is another stablecoin backed by fiat currency reserves, subject to regular audits to ensure transparency and trustworthiness.

It's important to note that while these stablecoins are well-established and widely used, each comes with its own advantages and considerations. It's advisable to conduct thorough research, understand the mechanisms behind each stablecoin, and evaluate their credibility based on factors like transparency, audits, and regulatory compliance.

[Abiky]

Well now Tether has made a alliance with the government of the country of Georgia. Tether and the Georgian Ministry of Economy signed a memorandum of understanding to collaborate on various issues about the blockchain.

Tether is also interested in investing in the country. This includes new local startup companies.  https://bitcoinist.com/building-bitcoin-powerhouse-tether-govt-of-georgia/

Tether is doing a pretty good job by investing here and there, as well as, establishing its own Bitcoin mining operation. With such moves, the stablecoin is trying to solidify its place in the crypto/Blockchain industry. Up to this date, USDT has been holding its 1:1 peg with the US Dollar pretty well. But I believe there's something fishy with the stablecoin, especially when the issuing company used to "print" new units of USDT like crazy in the past. It's also facing scrutiny by the regulators for not providing clarity of its reserves.

When most other stablecoins were down during the recent US banking crisis, USDT was still afloat. If you're planning to use the stablecoin for day trading or as a short term investment, then go for it. But as a long-term investment or something serious that could last a long time, I'd suggest you choose the USD (Fiat) instead. Who knows how long Tether will last? Just my thoughts