Do You trust Tether (USDT) Stablecoin?

[FanEagle]

Even though there are so many people who do not "trust" it, there is also a situation where we have no other choice but to root for them. Because if we are right, and if it doesn't really go up somehow, then it is going to end up being a terrible situation for us and will cause us to lose a ton of money.

Even if you do not own a single cent of stablecoins, that doesn't save you because if something like USDT ever crashes, that means you are going to see the whole market crashing, and I mean crashing hard. That's 50+ billion dollars gone in a single crash, and many people will sell their crypto to run away and that will cause the biggest dip ever in crypto history.

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[Abiky]

I agree on certain extend but there are independent auditors who have somewhat cleared Tether and USDT and says that it is backup 1:1 and that they have extra, more money to cover the loses.

While on the other hand, there are attacks by SEC on other stable coins and somewhat deemed it as securities.

So it could be the beginning of the tightening on stable coins but I think USDT might survived in the long run, just saying.

If USDT complies with the law, then I don't see any reason it will lose its peg sometime in the future. It's the oldest stablecoin in the market (as far as I know), so it's got nothing to lose. The good thing about USDT is that it lives on multiple Blockchain networks. This multi-chain approach would make it stand the test of time. Of course, that is subject to its ability to maintain USD reserves for long. It doesn't have protections unlike government-issued Fiat currencies. So if Tether goes down, all hell will break loose.

Crypto has always been about decentralization, so I'd steer clear from Tether if I want complete peace of mind. Who knows how far will the stablecoin go? Just my opinion

[Ahli38]

There really isn't a stablecoin that's really worth trusting completely. because everything has the same risk. However, for now, USDT is probably the safest. but still we should not keep our money in USDT long term. I think just use it when needed and make a temporary save. Actually initially I was very comfortable with BUSD. But after the fud attacked Paxos, I transferred everything to USDT. because actually if there is no fud on BUSD then I think more people will trust BUSD.

[Stedsm]

Why didn't you ask about BUSD @OP?
I know that USDT had been under the radar but after SEC's order to Paxos to stop issuing BUSD (that will be stopped from 26th Feb), I believe that most of these pegged stablecoins are nothing but coins that may burst like a bubble and will leave no value in your hands if anything unexpected happens (like what happened with UST stablecoin after its depeg). Don't trust these stablecoins too much and keep withdrawing your funds in your local currency or just buy and hold btc or any altcoin you believe in. I know that it's risky but not to the extent of what could happen when something bad hits against a specific stablecoin.

[posi]

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

I believe the only way you could assure there is nothing wrong with USDT would be if you were inside the company, having access to details of their business. Between trusting a private company and the government, I would still prefer to hold fiat, because at least that way we have the guarantee from the central bank we are going to be reimbursed up to some amount of money, if something goes wrong with the bank where we hold our money.

When it comes to risk, there is no safe place in the crypto market including bitcoin, if you can't accept the risk it's best not to invest in crypto including bitcoin. To be fair, nothing can prove that USDT won't crash, but so far, through thousands of Fuds, it's still standing, which shows that it hasn't had any problems so far, its use is still safe. Out of all the stablecoins circulating in the market, USDT remains the most trusted, most used, and has the largest market capitalization.

[leonair]

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.

There was a case against USDT due to which there was a panic about USDT at one time but the USDT company won the case and proved themselves innocent and freed from liability. So now everyone trusts USDT again and I do but big investors don't put much money in USDT.  They mostly prefer to hold USDC. Because USDC is by far a secure stablecoin. One person prefers one stable like USDT, BUSD, USDC etc.  So you can choose any one as you wish based on your own research

[Abiky]

Why didn't you ask about BUSD @OP?
I know that USDT had been under the radar but after SEC's order to Paxos to stop issuing BUSD (that will be stopped from 26th Feb), I believe that most of these pegged stablecoins are nothing but coins that may burst like a bubble and will leave no value in your hands if anything unexpected happens (like what happened with UST stablecoin after its depeg). Don't trust these stablecoins too much and keep withdrawing your funds in your local currency or just buy and hold btc or any altcoin you believe in. I know that it's risky but not to the extent of what could happen when something bad hits against a specific stablecoin.

I think you're referring to algorithmic stablecoins like USDD and UST. Those are prone to failure because they're not really backed by USD reserves. But I cannot say the same about USDT or USDC. These last two are issued by prominent companies in the crypto/Blockchain space. USDC's company (Circle) is regulatory-compliant, so it's likely the stablecoin will last for a really long time. USDT's company also does the same, although some people are skeptical about it due to being unable to prove its USD reserves for the Tether stablecoin.

I guess there are a lot more risks tied to a privately-issued stablecoin than a government-backed Fiat currency. To be on the safe side, just sell your crypto to USD instead of converting it to a stablecoin. Regulators are weighting down the industry, so time will tell us what will be the fate of stablecoins as a whole. Just my thoughts

[tvplus006]

I think you're referring to algorithmic stablecoins like USDD and UST. Those are prone to failure because they're not really backed by USD reserves. But I cannot say the same about USDT or USDC. These last two are issued by prominent companies in the crypto/Blockchain space. USDC's company (Circle) is regulatory-compliant, so it's likely the stablecoin will last for a really long time. USDT's company also does the same, although some people are skeptical about it due to being unable to prove its USD reserves for the Tether stablecoin...

A lot will depend on the position of the SEC and if it is recognized that BUCD is a security, then USDT and USDC will also have to register. And most likely they will do it on their own, without waiting for a lawsuit with the SEC. But I do not know what consequences this will have for the crypto market.

[TimeTeller]

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.

There was a case against USDT due to which there was a panic about USDT at one time but the USDT company won the case and proved themselves innocent and freed from liability. So now everyone trusts USDT again and I do but big investors don't put much money in USDT.  They mostly prefer to hold USDC. Because USDC is by far a secure stablecoin. One person prefers one stable like USDT, BUSD, USDC etc.  So you can choose any one as you wish based on your own research

I don't think everyone trust USDT. But a lot are still using USDT, that I know of.
I, for one, don't trust USDT to hold it long-term, only for trading purposes.
Way back in 2019, they admitted that they are not fully backed with assets.
From that time, I doubt about their claims up until now. Who can attest that they do have actual assets in place.
We are talking billions and billions of USDT here. And the audits, how honest they are with their results?

[Abiky]

A lot will depend on the position of the SEC and if it is recognized that BUCD is a security, then USDT and USDC will also have to register. And most likely they will do it on their own, without waiting for a lawsuit with the SEC. But I do not know what consequences this will have for the crypto market.

If the SEC classifies stablecoins as securities, two things could happen. Either issuing companies comply with securities laws or close up shop for good. Things are getting intense for crypto in the US, so it's likely the last scenario will unfold sooner than later. I think stablecoins would be better denominated in EUR than USD. Only time will tell us if stablecoin issuers will do such change within the not-so-distant future.

Honestly, I can't think of a stablecoin you could really trust since they're all issued by a private company. None of them are backed by the government, so there's always the risk of loss. Cashing out to Fiat would be your only option to avoid such risk. I only see stablecoins useful for day trading, not as something you would put your life savings into. The market will decide which stablecoins stay afloat and which ones will fade into oblivion. We already have decentralized cryptocurrencies, so there should be nothing to worry about. Just my thoughts

[RealMalatesta]

I don't think everyone trust USDT. But a lot are still using USDT, that I know of.
I, for one, don't trust USDT to hold it long-term, only for trading purposes.
Way back in 2019, they admitted that they are not fully backed with assets.
From that time, I doubt about their claims up until now. Who can attest that they do have actual assets in place.
We are talking billions and billions of USDT here. And the audits, how honest they are with their results?

I think the main reason we still use it even though we do not trust it that much is the fact that it is not going to be something simple to just stop using it. I mean the trust may not be there, but the utility is there which means that plenty of people will have to use it without wanting to.

If there was a better alternative that we could trust, something that is viable and available everywhere, then we would switch to that for sure but unfortunately that didn't happen and that's the issue. I believe that we couldn't really do something about it just yet, but when the time comes a better alternative will come out eventually for everyone.

[Ahli38]

I think the main reason we still use it even though we do not trust it that much is the fact that it is not going to be something simple to just stop using it. I mean the trust may not be there, but the utility is there which means that plenty of people will have to use it without wanting to.

If there was a better alternative that we could trust, something that is viable and available everywhere, then we would switch to that for sure but unfortunately that didn't happen and that's the issue. I believe that we couldn't really do something about it just yet, but when the time comes a better alternative will come out eventually for everyone.

yes you are right. we use Tether not because we have trust in the stablecoin. but indeed because at this time Tether is one of the best choices. because Usdt is the most widely available in almost all exchanges. before that I rarely used it. I use BUSD more often both in trading and for transactions. but looking at the current BUSD situation it is not good enough because FUD continues to corner BUSD. even I heard the latest news that Coinbase will be suspending BUSD trading on their current Exchange.

[Desmong]

Tether is a good stable coin and from analysis, it is the most used stable coin in the market. It has a great team and I am holding it because it is built under different giving investors opportunity to buy and hold based on there preferred network. Nothing is wrong with USDT so we can use it and not join anybody that will create fud for it.

[Abiky]

Tether is a good stable coin and from analysis, it is the most used stable coin in the market. It has a great team and I am holding it because it is built under different giving investors opportunity to buy and hold based on there preferred network. Nothing is wrong with USDT so we can use it and not join anybody that will create fud for it.

You can expect a huge crypto crash in the future if Tether fails. It's current the largest stablecoin in the market. Tether may live on multiple blockchain networks, but the companies' practices are quite shady. You'll never know when Bitfinex won't be able to honor the peg of USDT at some point in the future. There are simply a lot of risks that can't be ignored.

As I've said before, people are better off selling their crypto to Fiat instead of converting it to a stablecoin. That's because Fiat is backed by the full faith and credit of the government. The market will ultimately decide stablecoins' fate in the long run. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my opinion

[leonair]

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.

There was a case against USDT due to which there was a panic about USDT at one time but the USDT company won the case and proved themselves innocent and freed from liability. So now everyone trusts USDT again and I do but big investors don't put much money in USDT.  They mostly prefer to hold USDC. Because USDC is by far a secure stablecoin. One person prefers one stable like USDT, BUSD, USDC etc.  So you can choose any one as you wish based on your own research

I don't think everyone trust USDT. But a lot are still using USDT, that I know of.
I, for one, don't trust USDT to hold it long-term, only for trading purposes.

If no one trusts USDT why use it? People must believe that USDT is a good stablecoin and has real value which is why they use USDT. You can say that holding large amounts of USDT is another risk which is why people don't hold large amounts through USDT. But you can't say that the USDT is not trustworthy. Its market demand is huge.  And it is a perfect peg for traders

We are talking billions and billions of USDT here. And the audits, how honest they are with their results?

Are you a billionaire? Why are we talking about billions of dollars when we can't earn thousands of dollars or can't hold more than thousands of dollars in cryptocurrencies? I don't think it will be a problem if we keep the amount of income that we can earn and the amount of money that we can afford in USDT. Those who hold billions of dollars may wonder what stablecoin they should hold. But I think to hold high amount should hold through multiple coins like BTC, ETH, USDT, USDC, BUSD etc.

[AngellSky]

Unlike other stablecoins, usdt is a fairly profitable asset and provides real opportunities for keeping your funds on the blockchain.  I personally use trc20.  It also makes it easier for me to trade with ETS and cash out profitably.

[Jating]

Unlike other stablecoins, usdt is a fairly profitable asset and provides real opportunities for keeping your funds on the blockchain.  I personally use trc20.  It also makes it easier for me to trade with ETS and cash out profitably.

I don't know what you mean by profitable since it is a "stable" coin, which mean it is pegged to 1:1 to the US Dollar. Of course, everything is on the blockchain if that is what you imply for crypto.

Personally, I wouldn't say that a trust Tether (USDT), but it is functioning as designed to yeah I'm using it in some shape or form.

And withdrawals are very quick as well, and again, if you wanted to hedge your crypto against the price going down, stable coins is the way.

[borovichok]

I don't know what you mean by profitable since it is a "stable" coin, which mean it is pegged to 1:1 to the US Dollar. Of course, everything is on the blockchain if that is what you imply for crypto.

Personally, I wouldn't say that a trust Tether (USDT), but it is functioning as designed to yeah I'm using it in some shape or form.

And withdrawals are very quick as well, and again, if you wanted to hedge your crypto against the price going down, stable coins is the way.

Many times, I have avoided liquidation by either stocking more stable coins or transferring my cryptos to stable coins. Tether (USDT) is a stable coin that is also applied as exchange commissions for the numerous market transactions. It's crucial to understand the transaction network we employ when transferring our cryptocurrency to another exchange or making an offline withdrawal. For instance, TRC20 is highly recommended because its fee is lower and it is based on the Tron blockchain, while ERC20's fee is higher and it is built on the Ethereum blockchain. BEP-20 is built on the BSC network, but these processes are typically slow in terms of transferring cryptocurrency.

[ichsan ardi]

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!

There are many stablecoins in crypto, one of which is USDT, USDC, DAI, TUSD. I myself often use USDT or USDC, which is the most credible and of the two, I prefer USDT as far as I use USDT. what stable coin to choose but always be careful and do your own research this is not investment advice.

[nourse]

can u guys sell me a tether?? it is very expensive in our city.  1tether=50k toman
or any other suggestion u have.selling, exchanging and sending cryptocurrencies is not difficult for me at all
if i want to buy any cryptocurrency it will be calculated with the price of tether(1tether=50k toman) and this is not interesting at all