Topic: Banks going in stable coins news its starting now (Read 460 times)

Stable money best ideas adopted by bank but not give much profit if saving only with stable coin have the same price, I think better if you wanna get much profit looking very risk coin like bitcoin or ethereum and another altcoin where have potential growing up more than stable coin like USDT. Risk is the way how to be success and earn much profit, if keep safety with stable assets you waste your time and waste big chance with have much money but afraid to invest and save your assets with cryptocurrency.

The banks can print more money to backed the stable coin and then create a stable value for the stable coin. It has already proposed since last year if there's a lot of parties interesting to issue their own CBDC or stable coins.
Some countries already declared that if they will use stellar to issue their own CBDC too.
The bank will not try to miss this golden opportunity to be involved in the development of digitalization. everything is about to be digitalized in the future.

Just think they're only picking interest in stablecoin because that's the best competition to bitcoin in regards to the adoption of cryptocurrency. If there was any coin that can meet the need of the average users that doesn't want to deal with the traditional banking system anymore then stablecoin are the best alternative to go due to its stable form and less volatality.

With stablecoin the banks feels they can beat bitcoin. The total rate of transaction already recorded in the stablecoin market surpassed that of bitcoin at some point. So there's every possibility of stablecoin overthrowing bitcoin if the banks comes in. But this can only be in market capitalization and not in price appreciation.

Nevertheless since the banks backed stablecoin won't be decentralized they won't be any different form the current fiat systems in existence. What will be different is just their digitization.

And they can still launder money too, they may even avoid auditing for their stablecoin since they are well connected to the government. I wouldn't be surprised one day we are just left seeing banks are accumulating BTC through the stablecoins they create today.

There are many directions where the adoption for cashless, I guess the stablecoin can be part of it too besides the CBDC.

Banks have been getting into the integrated usage of stablecoins. This is truly a healthy way of market widening which will cater more users towards cryptocurrency. Also these stablecoins were well audited and has got clear data about the same. Already few countries have made plans of having their own stablecoins, but those doesn't have any associate with technology. Those are just the digital form of traditional currency.

One way or another, any stable cryptocurrency is backed by a certain material or financial equivalent of a particular fiat currency. But nevertheless, for some reason, the European Union has banned the use of a stable cryptocurrency in its territory. But I believe that soon they will change their mind. One way or another, stable cryptocurrencies cannot be considered full-fledged cryptocurrencies, since they are in any case dependent on classic currencies, but at the same time, the banking system can become a serious player in the cryptocurrency market by providing stablecoins, since they are very useful for cryptocurrency users.

Banks are embarrassed by the current economic crisis. They are looking for a far-reaching and stable currency. USD can meet their needs. Where the value of the dollar fluctuates. But the value of the USD is almost fixed. They are choosing the path of reconciliation after not taking risks. For digitalis, they are motivated to enter the crypt world.

Not all coins will be airdropped. Those who believe their coin needs no additional carrot to pull users towards it will not airdrop.

USDt is shit wrapped in a pretty paper just waiting for someone to open it and release the smell.  It's completely normal that financial institutions will try to avoid it just like they've been avoiding XRP for many years despite their efforts to be a bridge cryptocurrency.

One way or another, everything depends on the individual characteristics and character of a person, as well as on his needs in life. There are people who are satisfied with little and They get the thrill from life entirely from something else, and not from great wealth.

How creating of stable coin benefits to Banks, remember that there aren't huge associated with transactions with blockchain except if they really want to create and design such a blockchain which I don't see people buying.
Cryptocurrency and bank world is just two different things even though they have some similarities, I don't like bank involvement in cryptocurrency, they will ruin many things.

This is quite a controversial issue, because the same Visa or MC still remain in the first place in terms of transaction speed on the network, including between countries.
My claim is rather that the crypto community is ready to eat everything where there is the word "blockchain" and praise it saying that "so we will win". In fact, they do not notice how happy they are about the development of what they were originally against

This isn't a airdrop so don't hope about getting free tokens or such, this looks like the same central bank digital currency that's been talked about several times now, there will be no reason to invest on such coin since it's stable but it's definitely going to come in handy just like USDT

Exactly. With the emerging tech like blockchain, banks can work with it and use this public domain for their internal use. I mean the transactions that are made with the help of blockchain will help banks to increase their safety and integrity of the data/transaction. This can help them master the data embedded in their servers and also the info would be virtually indestructible. That's the advantage of blockchain for our traditional banking system.

---

I am not so sure, if stablecoins really have to do anything with the banking system. I mean it's more or less nothing but fiat currency only in the crypto format. They might take interest just for the above stated para and nothing more. Stable coin can not fulfil the world's need since we don't have infra to overcome worldwide transactions. (Underdeveloped to developed countries).

In the future, virtually all states will have their own central bank stablecoins.  That is, their fiat money will be used in this case using blockchain technology.  Such stablecoins will perform much more efficiently than their regular non-cash payments.  I see no reason for governments to maintain private and commercial stablecoins that they do not control and may disappear over time.

I concur, banks are under the supervision of the authorities, so they do business in a much better way than exchanges compared to the exchange that issued USDT. in this case, Germany’s Bankhaus von der Heydt (BVDH) has received approval from the regulator BaFIN to issue tokenized bonds called EURB. Euro stable coins EURS developed by the Maltese startup called STASIS as an EIP20 standard token on the Ethereum platform in 2018, more competition which mean the quality of service will increase.
Moreover, Bankhaus von der Heydt has partnered with SatoshiPay as a cryptocurrency payments provider to integrate the regulatory complaint EURB into their network.

source

But I don't understand one thing :
The banks are thinking of using stable coins and many of them are 1:1 against USD so the value of these coins will change according to the market fluctuations. If they are going to use gold stable coin or something like that they will have to battle high inflation. This way they will have to change their policies in a way to battle all those things which would mean they will have to actually take years to make a change like this. I think they should start allowing the trading of stable coins and cryptocurrencies in the same section and then go onwards from that point.

At the same time if Stable-coins are regulated then how different will they be from governmental currencies like USD

They need something which would be different then they have to allow cryptocurrencies like bitcoins, ETH , hold some stocks and make an analysis every month.

Plus all those security things it never works my parents had a huge amount of cash deposited in a bank 🏦 apparently the owner was convicted of fraud and he ran away and thus it's just like and everyone lost their money. But when cryptocurrencies were banned in India I had some coins in a wallet , so they messaged me and asked me to move it from some other wallet or sell and even though I did that after 1 month or so , they never blocked the account or anything.

The problem is not faith, but confidence. I can believe in anything - even in BTC, even in the Macaroni Monster. But at the same time, I am sure that if tomorrow something happens to the bank or organization where my "fiat" pension is located, then I will have somewhere to turn, because all this is insured.
with cryptocurrencies, it is very easy to deceive people because it is still a gray sector of the economy and there is no question of any reliable insurance. today, this pension crypto fund is there and everyone is happy, and tomorrow it has already disappeared without a trace, and all investments are lost in the mixer. And then what?

USDT dishonest is not hidden.

I'm sure there wont be any form of airdrop but they may give some few discount to early adopters of the coin.


The idea of Banks joining the cryptocurrency sphere is good but investors need to be careful and be informed about the pitfalls that will follow cause the stablecoins that will be created by Banks/institutions wont be different to fiat.

Then we dont Want and dont need this we Only Want things what can make profit for us.

Stellar is an open network blockchain project and the stable coin they are pertaining are new coin that built on Stellar Blockchain. There will be no airdrop for token holder since this is not free money as they are banks that wants to build there own cryptocurrency. Maybe there's some airdrop for XLM holder but that's not necessary just like what typical project that we are seeing generating there coin in a certain blockchain through fork.