Merge all the stable coin into one. - page 3.

Kavelj22

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Quote from: Captain Corporate on April 08, 2022, 07:52:44 PM

Considering these are backed by companies most of the time, that means these companies would have to merge together as well and I doubt that would happen, not just economically but legally neither. I mean lets take a look at USDT which is the biggest right now, Binance has BUSD, so Binance would have to swallow bitfinex and tether as a whole, which I doubt legally could be done, even if they can afford to do that, which they probably can't. This is the main reason, its backed by companies and as long as they are, it will not happen. We need to stop using the major ones though, it gives them so much money and power, the centralization is horrible. The day tether gets banned everywhere, will be the day we realize our money is not backed 1 to 1 ratio and they can't pay us all.

This answer why we don't really need a stable coin at first place. Any currency will reach a certain stability by time goes by like with FIAT money. Although we call it stable coin refering to the USD while the dollar itself is not that stable.
This form of tokens was mainly created as a trade instrument within exchanges.

Captain Corporate

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Considering these are backed by companies most of the time, that means these companies would have to merge together as well and I doubt that would happen, not just economically but legally neither. I mean lets take a look at USDT which is the biggest right now, Binance has BUSD, so Binance would have to swallow bitfinex and tether as a whole, which I doubt legally could be done, even if they can afford to do that, which they probably can't. This is the main reason, its backed by companies and as long as they are, it will not happen. We need to stop using the major ones though, it gives them so much money and power, the centralization is horrible. The day tether gets banned everywhere, will be the day we realize our money is not backed 1 to 1 ratio and they can't pay us all.

Teraboy

hero member

Activity: 2282

Merit: 505

It's possible but this totally -depend with the stable token provider whether they wanna merged their stable token into the universal stable token or not. I just try to remind you that basically there was no different in the stable token. The only thing that makes it different is the provider from the stable token and code that used to secure the stable token.
They are all the same but different companies that issued these stable tokens.
I think that even if these stable tokens have not merged and it's still fine.

Yogee

sr. member

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Quote from: DVlog on April 08, 2022, 04:00:34 PM

... . The total stable coin supply is $180 billion.

I hope you wouldn't mind but can you share the breakdown of this amount?

Quote

Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

If there can't be only one crypto then there can't be one stable coin.

It's not just the chain they used and the collateral backing them that's different. There's also the centralization part where the issuer can freeze your stable coin even if it's stored in your personal wallet. Read this thread if you want more info https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

bocyaj

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Quote from: DVlog on April 08, 2022, 04:00:34 PM

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

It’s not a good way to do this concept.All the coin had different set of people and different set of investors and developers.It was totally merger less concept.To merge of two coins need of the agreement.But the new coin merge to another willl demand the huge amount of merge.Now other coins will accept this,instead they try to increase the capital and try to sustain independent.

vv181

legendary

Activity: 1932

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To diversify trust, and the issuer also competes to make a bigger profit.

It's unlikely. Unless governments go hard on cryptocurrency and forced everyone to use their own stable coin/CBDC, which is worse. A quite unlikely scenario, IMO. On another hand, there literally exist countless cryptocurrenices, and most of them also have the same purpose, nope, each of the users as does the developers themselves won't be interested in uniting the whole thing.

batang_bitcoin

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Quote from: DVlog on April 08, 2022, 04:00:34 PM

My question is why do we need so many stable coins when they all serve the same purpose?

We don't actually need many of them but it's the developers that keeps on making about it because there's the competition from the issuers. They're also making money from it if they're being liked and used by the people. As long as there's a demand for it and they're seeing the market of it.
I think that's what is going to make them develop as much as they can, thus, there's also no law about it that stops them from producing as many as they can.

DVlog

full member

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There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

Topic: Merge all the stable coin into one. - page 3. (Read 218 times)