That's a brilliant idea but one shouldn't put all his/her eggs in one basket also OP may have a tangible reason to want to convert all the money into stable coin and my pick is DAI stable coin, it's decentralized and that makes it more reliable
If only to rely on stablecoins, then the choices are endless now, firstly the OP can look at USDT, USDC and BUSD which all of them already have quite a number of pairs with several potentially well-known Altcoins in the crypto space, so it doesn't have to be just DAI 
Topic: How to store 1 Million $ to Stable coin (Read 341 times)
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In answering the OP question, I think in this situation it will be best to diversify this amount and invest in a few coins.
The OP is asking for a solution to hold his valuation in a stable currency because it is evident that he is planning to book his profit and once he does that he may or may not invest in the projects unless the market settles down and till that time and the OP is asking which coin we be safer to hold his valuation. In answering the OP question, I think in this situation it will be best to diversify this amount and invest in a few coins.
If you are planning to hold for the short term then there is nothing wrong in storing them in USDT and follow the market and i usually store my USDT in the Tron network because the ETH chain has insane transaction fees.
There is no point in storing stable coins, they are not volatile as we expected on other coins.
Besides stable coins are backed by an asset or other says, good to have assets like this. But if you are going to ask me, I prefer to use bitcoin or ethereum if you wanted to hold this while on the volatility stuff, until such come volatile is opportunity to get profit even it is too risky.
Besides stable coins are backed by an asset or other says, good to have assets like this. But if you are going to ask me, I prefer to use bitcoin or ethereum if you wanted to hold this while on the volatility stuff, until such come volatile is opportunity to get profit even it is too risky.
When we have a bull run, it is of course better to keep money in Bitcoin or Ethereum, but if someone assumes that the bear market is approaching, he plans to escape from the price drop to stable coin.
In answering the OP question, I think in this situation it will be best to diversify this amount and invest in a few coins.
There is no point in storing stable coins, they are not volatile as we expected on other coins.
Besides stable coins are backed by an asset or other says, good to have assets like this. But if you are going to ask me, I prefer to use bitcoin or ethereum if you wanted to hold this while on the volatility stuff, until such come volatile is opportunity to get profit even it is too risky.
Besides stable coins are backed by an asset or other says, good to have assets like this. But if you are going to ask me, I prefer to use bitcoin or ethereum if you wanted to hold this while on the volatility stuff, until such come volatile is opportunity to get profit even it is too risky.
Have a plan to sell some of my crypto, Now I can store with USDT, USDC, DAI, BUT There are serious question:
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
.
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
.
Unfortunately, there are risks associated with investing in any cryptocurrency, even Bitcoin.
USDT has passed all the checks so far, so I don't think it could get sued by the SEC.
Of course, anything can happen in the future.
Maybe if you have concerns, buy a few different stable coins to spread the risk.
I would be wary of the risks associated with USDT and also keep an eye on SEC investigations into other stablecoins. There are some protocols which seem more reliable than others. Always try to hold in a stablecoin that is backed 1:1 with that particular fiat. If a coin is backed by other collateral and there is a debt mechanism attached, it could be the case that the stablecoin provider will not be able to account for the value of each token in the future if the debt instrument is defaulted on.
You can save that on a hard wallet and I don’t see holding USDT is that risky, they are created for that purpose so don’t panic but its ok and its normal since $1 Million is not a small thing. Go for whatever stablecoin you think is safe for you, just make sure you have the access on your wallet and never hold that much on an exchange even on the best exchange because its too risky.
Have a plan to sell some of my crypto, Now I can store with USDT, USDC, DAI, BUT There are serious question:
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
.
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
.
Have you looked at Haven XHV? Not advice, but interesting stuff with private, algorithmic stable coins.
Have a plan to sell some of my crypto, Now I can store with USDT, USDC, DAI, BUT There are serious question:
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
.
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
.
You didn't mention another stable coin, namely BUSD. I think Binance is responsible for the BUSD they are developing. Because if BUSD is in trouble, of course Binance will also be in trouble. So in this case, Binance will maintain their reputation with the coins they develop, including BNB. But apart from BUSD, Pax Dollar is also a stable coin traded on several popular exchanges. However, Pax Dollar is also audited by the same source with different scores. Pax Dollar with a score of 94, and Tether with a score of 90.
Have a plan to sell some of my crypto, Now I can store with USDT, USDC, DAI, BUT There are serious question:
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
Store $1 million in stable coins ? why ? Wouldn't it be better if you held it yourself in the bank? You can get interest from deposits in the bank. well i never hold stable coin for long time . stable coin for me just for temporary asset transfer. and for stable coins I usually use BUSD.
If you think that DAI is unsafe, then withdraw your savings in fiat. This is the safest way to keep money if your friends and neighbors do not know that you have $ 1 million in cash in your house.
I would not keep that amount in one wallet.
If you have Ethereum, then I would send Ethereum in the amount of 10-20 thousand dollars to different wallets using a mixer or tornado cash
https://tornado.cash/
, and then cancel it for stablecoins.
I would not keep that amount in one wallet.
If you have Ethereum, then I would send Ethereum in the amount of 10-20 thousand dollars to different wallets using a mixer or tornado cash
https://tornado.cash/
, and then cancel it for stablecoins.
Yes, converting it into fiat currency and withdrawing it to a personal account is the most effective thing to eliminate our worries. then if one day we need it again for trading capital, then we can deposit it into a trading account where we trade easily and safely
If you think that DAI is unsafe, then withdraw your savings in fiat. This is the safest way to keep money if your friends and neighbors do not know that you have $ 1 million in cash in your house.
I would not keep that amount in one wallet.
If you have Ethereum, then I would send Ethereum in the amount of 10-20 thousand dollars to different wallets using a mixer or tornado cash
https://tornado.cash/
, and then cancel it for stablecoins.
I would not keep that amount in one wallet.
If you have Ethereum, then I would send Ethereum in the amount of 10-20 thousand dollars to different wallets using a mixer or tornado cash
https://tornado.cash/
, and then cancel it for stablecoins.
If I had that kind of money in crypto I would stake it. Like cardano stacking is good option. 5% yearly is good money when you have 1mil.
That's a brilliant idea but one shouldn't put all his/her eggs in one basket also OP may have a tangible reason to want to convert all the money into stable coin and my pick is DAI stable coin, it's decentralized and that makes it more reliable 
If I had that kind of money in crypto I would stake it. Like cardano stacking is good option. 5% yearly is good money when you have 1mil.
Cardano was one of the best options to hold in the long term actually. But I don't have any idea about where to stake it.
Do you have any suggestion mate were I can able to stakes it as well just like yours? Or can you send me the link for this things
anyway, so that I can able to review it before I put my few funds for it.
I usually store my USDT in a non-custodial wallet in which I receive it from my bi-weekly salary. However, I am considering to convert all of my USDT into DAI as well if something bad happens to USDT. I also consider BUSD as well.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
So what is your suggestion?
No DAI is very safe and more decentralized than all you listed above. Take some time to read about DAI stablecoin and you will stop using any other one. BUSD is very centralized as it is s basically been controlled by Binance exchange. USDT has so many flaws and not forgetting the fact that your asset can be frozen at any moment.
Do not be scared of the liquidity of DAI as it is listed on well know exchange meaning you can easily exchange it if the need araises. DAI give you security over your funds but i would not recommend having that much money in stablecoin just keep them in banks as the stablecoin are still plaged to fiats.
I am not an expert in choosing coins but I prefer DAI as an Alternative if USDT/C is deactivated by SEC, there may be chaos in crypto if usdt/c is banned by SEC
1 million usd is not a small amount, try to divide it in % to invest in crypto, oh yes BUSD is also quite stable for one stable coin
1 million usd is not a small amount, try to divide it in % to invest in crypto, oh yes BUSD is also quite stable for one stable coin
I understand being paranoid having such money and you really want to protect your money from any possibilities but you're in crypto market where everything is possible so even if you choose DAI there's still a chance that its value will fluctuate. Don't be so pessimist, just trust the process and always be ready for the risk. I will still choose USDT to save for, because a lot of coins/tokens are being paired for this. If you really want to be same without any risk, go save it in fiat money.
Have a plan to sell some of my crypto, Now I can store with USDT, USDC, DAI, BUT There are serious question:
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
.
Both USDT and USDC can blacklist any address without any reason, So I dont think this is safe way to store 1 Million $ on them.
USDT is big nowdays So what If SEC Sue USDT? in that case maybe USDT lose Value.
DAI, I think DAI is not safe Can lose value 1 day.
So what is your suggestion?
.
As for me, the best choice for you is to diversify this sum of money between several types of stablecoins. From these three stablecoins I would give preference mostly to DAI as it is the only decentralised from them and it can’t ban your address.
To be honest, I don’t think that it is really reasonable to store your milion in stablecoins. With the same result you can keep them just in USD, so I would rather you considered investing in Bitcoin at least.
If I had that kind of money in crypto I would stake it. Like cardano stacking is good option. 5% yearly is good money when you have 1mil.
Not that good idea to stake a million dollar in crypto staking. They can simply put that kinda money in bank, get 5-6% on Fixed Deposit and on top of that they can avail tax benefits for doing so depending on the country in which they live. Idk, staking a million and that too in single coin for a year is huge risk man. Crypto does benefit you but let’s understand that there are huge huge risks involved when money at stake is bigger. I mean the exchanger where they are staking, the coin which they are staking May or may not be there after year. What if exchanger gets hacked? What if the project they are staking in is no longer doing good? There are some risks involved and that should be assessed before staking.
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