What is the most trusted stable coin currently (in your opinion)? - page 4.

kro55

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Quote from: |MINER| on August 03, 2022, 09:31:35 AM

Quote from: ethereumhunter on August 01, 2022, 06:14:55 AM

snip

I agreed that USDT more widely used and known but it's background is little bit shady than USDC and BUSD. If anyone ask me for the trust then I will prefer first BUSD and USDC then USDT. Because usdc is backed by us dollar and BUSD is also back by us bank . On the others hand usdt has the higher trading volume but it's not fully backed by cash reserves. Also have some reputation issue.

USDT is backed by USD and government bonds, unlike USDC and BUSD which is 100% backed by USD. Personally, I don't see much difference in the use of stablecoins, despite the shady accusations of USDT but look, trading volume is still at the top among all stablecoins and is supported by all trading platforms.

You can use whatever stablecoin you feel comfortable with as long as you don't hold all your assets in stablecoin.

|MINER|

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Quote from: ethereumhunter on August 01, 2022, 06:14:55 AM

snip

I agreed that USDT more widely used and known but it's background is little bit shady than USDC and BUSD. If anyone ask me for the trust then I will prefer first BUSD and USDC then USDT. Because usdc is backed by us dollar and BUSD is also back by us bank . On the others hand usdt has the higher trading volume but it's not fully backed by cash reserves. Also have some reputation issue.

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Quote from: blockman on August 01, 2022, 04:36:10 AM

Despite that many don't like USDT today and say that they're preferring BUSD to it, the volume of it is still high and that's why it's on the top. Even, if there's a centralized stablecoin that I should choose, I'll be having BUSD. The issuer of it has proven its worth and the business that they're running. Thus, they've got several assets and partnerships that will make their own stablecoin stand and be tested over time.
You choose your pick and be aware that you know what behavior they can have by providing these stablecoins.

The main reason people like me prefer BUSD over USDT is not because the stablecoin itself, but because it is something that I would always prefer based on the company. I do not know about Tether, it is a company and there are some executives there, that's literally all I know about it.

But, Binance is not like that, I trust it more because I know for a fact that I use them a lot more, it is not just a stablecoin company with billions in the bank, they are also a huge exchange which means that they actually do have all of our money there anyway. We trust them with our funds when trading, so why not trust them with BUSD when we already gave that away once.

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Most trusted? I don't think I could give 100% trust to any stablecoin, I don't think trust is the term. I mostly use BUSD to send or receive money, but it's not because I trust it, I wouldn't hold the coin any longer than I should, I just think since it's own by binance I could rely on them that BUSD will still has value as long as binance is operating, but I couldn't trust Binance is totally honest about their statement that they have 1 USD for every 1 BUSD in their reserve.

ethereumhunter

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But I'm curious about the word "trust" you say because it means we trust stablecoins. But in what way?

I prefer to use USDT than anything else. And I often use USDT in converting my bitcoins or altcoins because I see for trading, USDT is more widely known on many exchanges (or maybe I'm wrong on this). But I don't use other stablecoins very often, but I don't know why.

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Quote from: AmoreJaz on August 01, 2022, 03:06:17 AM

Quote from: blockman on August 01, 2022, 02:35:27 AM

Many will say that they trust those stablecoins that are supported and made by exchanges like BUSD, USDT, and USDC. If you're not for those stable coins, you have the option to choose DAI. Just for the sake of others, DAI is a decentralized stablecoin and that's why many do like it and it's like low-key stablecoins. And to know more about what's with DAI and it's maintainer MakerDAO, you can do some research about them and the definitions about them.
(https://en.wikipedia.org/wiki/Dai_(cryptocurrency))

honestly, with the current situation today, i am trusting more the BUSD over USDT. USDT had a history of admitting they were not fully backed by assets. and somewhat, the 3rd party auditor of their platform is not very clear with things. but at the end of the day, it is your money, much better if you will not store your funds in stablecoin for long-term purposes. as they are mostly centralised, your funds can be frozen anytime. this is why some are going into decentralised stablecoin like DAI.

Despite that many don't like USDT today and say that they're preferring BUSD to it, the volume of it is still high and that's why it's on the top. Even, if there's a centralized stablecoin that I should choose, I'll be having BUSD. The issuer of it has proven its worth and the business that they're running. Thus, they've got several assets and partnerships that will make their own stablecoin stand and be tested over time.
You choose your pick and be aware that you know what behavior they can have by providing these stablecoins.

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Quote from: mindrust on August 01, 2022, 12:00:31 AM

Stable coin and trust shouldn’t be in the same sentence. UST was trusted too… then it lost its peg. The same thing may happen to any of these stable coins.

People see them as risk-off assets and park their money there but in reality stable coins are way riskier than the crypto currencies.

I would rather keep my money in btc than keeping it is usdt.

well, as long as it's centralized, I think there will be stable potential for the coin to be like UST. however, if this is in the long term, I also prefer to hold the assets I have in bitcoins rather than stable coins.
it's just that, for now, I mostly use USDT and BUSD for coin stability. I think, the two stable coins are bigger than the others, so the potential to fall is still less than the others. however, I've always used only the two stable coins.

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Quote from: mindrust on August 01, 2022, 12:00:31 AM

Stable coin and trust shouldn’t be in the same sentence. UST was trusted too… then it lost its peg. The same thing may happen to any of these stable coins.

People see them as risk-off assets and park their money there but in reality stable coins are way riskier than the crypto currencies.

I would rather keep my money in btc than keeping it is usdt.

Crash of UST is also possible with these stablecoins but the likelihood is much lower. UST is an algorithmically stable coin backed by other crypto-assets, which poses a risk when the market declines in the value of the cryptocurrency, leading to the UST's hedge fund not guaranteed. Unlike UST, USDT or USDC is backed 1:1 with USD. This is somewhat safer. I am not saying that USDT will be absolutely safe as there are many factors we have not considered, but it will be more secure than algorithmically stable coins.

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Usdc and BNB are the most reliable ones, usdt isn't 100% reliable in my own world, only time will tell and if a big massive crumble is going to happen to crypto in future it will be from usdt, if usdt goes down crypto space will crumble for years.

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Same sentiment on those two coins of usdc and busd. If Im gonna hold any stablecoin then these two are the top on my list since they are pretty well established. Usdt is also good in terms of trading as the volume is really important on such trading parameters. But when it comes to safety I prefer those two no doubt.

I like the idea of busd stablecoin when using Binance platform incurred zero fees which is quite helpful.

Baofeng

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I will just talk about the stable coins that I have so far used, and that is USDT.

So far, although I have heard about a lot of negative things regarding this coins since like 2018, I still used them and so far it was good as far as my experience goes. So I will say that for me, it will be USDT. I don't want to used the word 'trust' though as it is subjective. But maybe because it was the first stable coin (as far as I know), and that is why up to this day, although there are a lot of better options, crypto investors are still using them.

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Quote from: blockman on August 01, 2022, 02:35:27 AM

Many will say that they trust those stablecoins that are supported and made by exchanges like BUSD, USDT, and USDC. If you're not for those stable coins, you have the option to choose DAI. Just for the sake of others, DAI is a decentralized stablecoin and that's why many do like it and it's like low-key stablecoins. And to know more about what's with DAI and it's maintainer MakerDAO, you can do some research about them and the definitions about them.
(https://en.wikipedia.org/wiki/Dai_(cryptocurrency))

honestly, with the current situation today, i am trusting more the BUSD over USDT. USDT had a history of admitting they were not fully backed by assets. and somewhat, the 3rd party auditor of their platform is not very clear with things. but at the end of the day, it is your money, much better if you will not store your funds in stablecoin for long-term purposes. as they are mostly centralised, your funds can be frozen anytime. this is why some are going into decentralised stablecoin like DAI.

blockman

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Many will say that they trust those stablecoins that are supported and made by exchanges like BUSD, USDT, and USDC. If you're not for those stable coins, you have the option to choose DAI. Just for the sake of others, DAI is a decentralized stablecoin and that's why many do like it and it's like low-key stablecoins. And to know more about what's with DAI and it's maintainer MakerDAO, you can do some research about them and the definitions about them.
(https://en.wikipedia.org/wiki/Dai_(cryptocurrency))

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Quote from: fuer44 on July 31, 2022, 09:41:07 PM

I prefer usdt, specifically I myself do not really understand between usdt usdc and several other stablecoins because almost all stablecoins have almost the same characteristics. but I often use usdt whether it's to store assets or just as a coin swap from an exchanger to a wallet.

I will also say that USDT is best, it’s marketcap is comparatively high and also it’s a well popular coin.
The price along with all the coins mentioned in the OP are same but yes availability of USDT is more if we compare it with the rest.
USDT currently can be the ideal stable coin to do a stable or reference trade , but yes people have different opinions ans choice.
OP I suggested you about my experience and knowledge on the matter that you asked, rest is now up to you . What you want to choose or decide.

kotajikikox

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When you say Trusted , does this mean legit and that will last long ?

Isn't USDT is the safest and most trusted?

though USDC is also making its way now yet Tether is still the most trusted and most reliable as I have been using this over the years.

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Not fully trusted but more on usage. BUSD it is.
Most of my transactions now are relying on Binance Smart Chain so having BUSD is part of and so does BNB for fees.
But, I don't keep BUSD for a long time, I'd rather buy it again with BNB or other coins because that's not a secure way of keeping funds.
Most trusted: BUSD
As an asset: No.
Even if they have their own software wallet to keep it I would not dare try to make it an asset.

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We have witnessed Tether and the like cause trouble many times before. That's why I don't use centralized stablecoins unless absolutely necessary. My choice is DAI because it is a decentralized stablecoin. It has a more secure structure than all of them. I don't trust central systems unless I have to...

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I am not sure what you meant by trusted stablecoin? The top three on your list are controlled by a centralized exchange. Then how can you gain trust? There have been several articles and discussion in the past that stablecoin can be easily frozen and controlled by those centralized exchanges. For trading and payment purposes they do come handy but not for holding.

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If we were to not mind anything else and just choose between the available stable coins out there, I'd go for USDT and BUSD. I've used them for quite a long time now and I don't really have any complaints nor have I actually been inconvenienced afaik. There really weren't any big issues as well that troubled me when I was using them (If there were issues with it, I wasn't really updated with it most of the time).

If you consider how stablecoins are though, I don't think you should use trust on them with how they can basically pull out and ruin whatever amount you have to oblivion. I've never really held stablecoins, I mostly use them for my transactions.

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So many negative comments about USDT was coming caused by it was not being transparent about the reserved funds to peg its token unlike another stable tokens that became even more transparent. The ability to freeze people's funds owned by majority of stable tokens.
Talking about this feature is not relevant anymore since this function helped so many people to lose their money from the hacked cases.

Topic: What is the most trusted stable coin currently (in your opinion)? - page 4. (Read 804 times)