Do You trust Tether (USDT) Stablecoin?

[dmitri.strelok]

I've been analyzing some of the most popular stablecoins currently, and I don't trust any. Nevertheless, I still think they are pretty useful and necessary currently, so I've chosen USDT as the most trustworthy for me. Why? Because of the alternatives:

1- DAI: looks to me just as wrapped USDC with extra steps and risky factors (i.e. most of the collateral backing it right now is indeed a centralized stablecoin...so if USDC collapses it will very likely kill it...and it has a lot of extra complexity in his inner workings that naturally add extra risks...So why the hell just not use USDC?)
2- RAI: It looks to me that decentralized stable coins are experiments right now, which are very dangerous to get involved in, have very complex mechanisms to wrap my head on, and depend on economics principles that I´m not certain they will really work. This coin sounds interesting and is backed 100% by ether, but when I looked on youtube for an interview with the creator, he had difficulties even clearly explaining its workings and principles in my opinion. I support this kind of experiment nevertheless, just don´t trust their principles until they have a lot of maturity in the market.
3- USDC: It seems very connected to the US financial system and government to me, so more easily exposed to regulatory risks, wallet bans, etc. Which is something I don´t like at all. Also, I suspect they have been causing most of the bad news about USDT for gaining adoption of their coin...But who knows, maybe I'm paranoid.
4- BUSD: I just don´t like or trust Binance at all and don´t want to have anything to do with them.

So that leaves USDT, a coin that:
1- Clearly doesn´t have everything backed 1-1 because Tether is doing the same business that banks have been doing for a long time with their fractional reserve system (so I don´t know why everyone is that surprised by this fact really...)
2- I think they are using banks in the Bahamas for their USD deposits (or I think I read about that...so, less regulatory risk)
3- It has been tested with a lot of bad news about the reserves and a lot of crypto bear markets...And the markets weren't able to do a bank run high enough to collapse it...

So, as I said, I don't trust any and I wouldn´t have much money on them, but I choose USDT.

[Woodie]

Tether has never had the best of starts as a cryptocurrency and the fact that it's centralised does give me the goosebumps but I think it's the risk most are willing to take to keep a 1:1 value for our money as it's a stablecoin.

Btw talking of trust, trust is something that doesn't come easy these days and I wouldn't toss it around that easily either not for any crypto coin...

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.

Tron based tokens have always been my favourite, the fees are super low and block times are just superb better than Bitcoin which can make you wait for several hours before getting your first confirmation.

[ololajulo]

Currently, we find ourselves without any alternative to Tether. Regardless of our personal preferences, we are constrained to it due to its status as the stablecoin with the largest market capitalization and liquidity, as well as its presence on major blockchains and exchanges. Tether's influence is growing, and it has become a reputable household name for stablecoins, as evidenced by its substantial profits in the first quarter of this year, which were three times higher than the previous year.

[Bolivar_Tony]

USDC is the most trusted Stablecoin for me because it is founded by Circle which is a fully regulated company. You can assure that your USDC fund is backed 100% by fiat since they always have an audit unlike USDT. I would say BUSD since they are stablecoin of Binance but since Binance is now being target by US regulators, There’s a chance that they will suffer same fate with FTX with one wrong move of CZ. For now BUSD is still safe but if you are looking for long term reliability, Choose USDC stablecoin.

I totally agree with you, USDC is been backed 100%, even though USDT have been in the loop for a very long time, I think in the beginning, they had some floated coins not been backed but with the pressure and auditting they are been face, they seems to be doing the right things now, only the future can tell but i see staying in the game, even if anything goes wrong, many people will put their money into it to rescue it.

3- USDC: It seems very connected to the US financial system and government to me, so more easily exposed to regulatory risks, wallet bans, etc.

In my own opinion for crypto to go main stream, it needs the support of government and for government to support anything that will in financials, they must have control over it, like banning wallets, monitoring for KYC and AML, you don't a situation where terorist and hackers will stolen someone's wallet and nothing can be done about it or been traced to the person? I think USDC serves the purpose for government and institutional body's to adopt crypto 

[moderator's note: consecutive posts merged]

[fauzan Ichsan]

on the ranking coinmarketcap tether is the top stable coin, with the largest market capitulation, so I believe in tether, even though it was hit by negative issues but until finally and until now it can still be trusted as the biggest stable coin, although there are also some stable coins that are worth using . I often use this coin when waiting for the price to buy coins, even though I wait a long time to get the desired price, I always use it

[ololajulo]

I totally agree with you, USDC is been backed 100%, even though USDT have been in the loop for a very long time

Can you confirm that Tether has a 100% fiat backup? I doubt that Tether requires such a backup and I'm certain they don't have it. Therefore, it's essential to verify this information.

[Rasa nanas]

on the ranking coinmarketcap tether is the top stable coin, with the largest market capitulation, so I believe in tether, even though it was hit by negative issues but until finally and until now it can still be trusted as the biggest stable coin, although there are also some stable coins that are worth using . I often use this coin when waiting for the price to buy coins, even though I wait a long time to get the desired price, I always use it

agree with you, apart from UST issues I think all stable coins are worth using. moreover USDT being the most popular stable coin with the largest market cap at the moment, I think there will be no doubts and everyone will say that it is really worth using. regardless of what happens to UST or FTX I think it's an event that no one wants including the team, and I don't think this problem will make all of our trust in crypto disappear.

[fvb]

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 don’t know what videos and articles you read, but I’ll note that it’s better not to trust such forecasts and always think with your own head. Anything can be said, and personally I do not jump to conclusions from the opinions of any pseudo-oracles, because they themselves do not know anything. Good stablecoin, I have been using it for a long time and have no complaints

[coinerer]

on the ranking coinmarketcap tether is the top stable coin, with the largest market capitulation, so I believe in tether, even though it was hit by negative issues but until finally and until now it can still be trusted as the biggest stable coin, although there are also some stable coins that are worth using . I often use this coin when waiting for the price to buy coins, even though I wait a long time to get the desired price, I always use it

agree with you, apart from UST issues I think all stable coins are worth using. moreover USDT being the most popular stable coin with the largest market cap at the moment, I think there will be no doubts and everyone will say that it is really worth using. regardless of what happens to UST or FTX I think it's an event that no one wants including the team, and I don't think this problem will make all of our trust in crypto disappear.

LUNA's crush on UST was a very unfortunate occurrence.  However, after this incident, all investors have become very cautious in the field of investment.  And since the crash of stable coins like UST, investors' confidence in USDT, USDC, BUSD has also decreased, so many people are afraid to hold them. But I don't think USDT can crash like UST so I still trust and use USDT a lot but I won't say you use it too it's your personal matter which one you trust and invest in.  I shared only my personal opinion

[Muslimin mj]

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'm sure everyone who owns crypto assets believes in USDT because USDT is the best stablecoin in my opinion and some others. and I'm also sure that everyone must have saved assets in USDT. and the other option in my opinion is BUSD because Binance is one of the best at the moment and a big Exchange market based on coinmarketcap data.

[mbakruroh]

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!

If so far we don't trust Tether as a stablecoin, what is the basis for us not trusting it. The number of stablecoins from Tether continues to increase, but the SEC doesn't seem to see this as something that's important to review. Many have doubted Tether so far, but no one has been able to prove it. As long as exchanges still use it as a stablecoi equivalent to USD, we can still use Tether.

[timoshani]

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!

This is a good stablecoin. I often send transactions using TRC-20, because the fee is minimal. TUSTD is a reliable stablecoin. We saw this when the USDC was decreased in price.

[WalkerIVIV]

i trust the stablecoin as much I trust if it collapsing the entire cryptocurrency market will turn into chaos so basically it's like the last resort.
the market capitalization of this coin is simply too humongous to fail, and even if it did, i doubt entire cryptocurrency will be spared.

[Dr.Osh]

i trust the stablecoin as much I trust if it collapsing the entire cryptocurrency market will turn into chaos so basically it's like the last resort.
the market capitalization of this coin is simply too humongous to fail, and even if it did, i doubt entire cryptocurrency will be spared.

however, some stablecoins have failed, such as UST. the coin actually made the crypto market price crash, and evidence that stable coins can also collapse. Apart from that, there are quite a lot of negative issues regarding USDT which is one of the stable coins that has the largest volume at the moment. Well, personally, I don't believe 100% in stable coins. because of that, i never keep my assets in coin stable long term.

[Andrija Branislav]

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!

Regarding Tether (USDT) and its potential impact on the market and Tether has indeed been the subject of controversy and scrutiny, it is important to note that Tether remains the most widely used stablecoin in the crypto space today. As for the question of which stablecoin is the most credible in the crypto space, there is no clear answer. Each stablecoin has its own strengths and weaknesses, and investors should consider these factors.

Some stablecoins, such as USD Coin (USDC) and Paxos Standard (PAX), have received regulatory approvals and are regularly audited to ensure transparency and reliability others, such as Dai (DAI), are decentralized and algorithmically pegged to a stable asset value, such as the dollar US.

[Awraawra]

Usdt is the one that stable coin and you can trust also. And do not invest only in one cryptocurrency try to search for the best that you put on your money. Try bitcoin or ethereum this are the best cryptocurrency that you can invest also your money. So don't put all your money in one basket try to explore.

[FahriZah]

I like also USDT and also like binance stable coin BUSD and USDC all but when thinking very faster withdrawal and need to transfer to others people’s and need to transfer other’s exchange account than i,m using TRC-20 network because for faster transaction trc-20 network best i hope than i like TRC-20 USDT.

[Godday]

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!

Honestly USDT is the best crypto asset I ever know. I've converted the coins and tokens that I've gotten from airdrops or bounty hunters and I'm converting them all to USDT. Because I believe USDT is the best asset for the long term.

[bitgolden]

If so far we don't trust Tether as a stablecoin, what is the basis for us not trusting it. The number of stablecoins from Tether continues to increase, but the SEC doesn't seem to see this as something that's important to review. Many have doubted Tether so far, but no one has been able to prove it. As long as exchanges still use it as a stablecoi equivalent to USD, we can still use Tether.

My basis is that it is all managed by one company and companies bankrupt. That is as simple as that, it is centralized and there is just one company behind it all and they could bankrupt tomorrow all I know and I do not want to be part of it when it does.

I understand not many people think the same way and some thing that it will do fine but I do not share the same feeling, I feel like that is going to be something much different and there is a good chance that we could end up with something much worse. I know that tether as a company could go down in a second and we could end up with something that would be a lot worse and I personally do not want to be a part of it and try to avoid it as much as I can and not own any of it ever.

[carrie_white]

no one can guarantee 100% that any crypto coin will be safe, even though USDT is known as a reliable stable coin, after all why would you put your money in USDT as a stable coin, you should change your USDT to BNB, at least it's more valuable