Which stablecoin do you "trust" the most? - page 5.

TopT3ns

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Quote from: Bitcoin_Arena on June 10, 2022, 06:33:32 PM

I think everybody knows what happened in the last 2 months. A couple of stablecoin or even more crashed. I know at least 3 that depegged from the US Dollar (UST, USDN and DEI)
This caused a lot of tension on which stablecoin would be the next to depeg. At one point, USDT was under a lot of pressure, and its price even slight dropped as people were rushing to buy USDC and BUSD. Which brings me to the question

Which stablecoin do you feel so comfortable using, without having any worry of depegging?

To be honest, after the UST case I was afraid to believe in stable coins, it's just that until now I still use USDT to store my assets even though I don't trust anything but until now it still provides comfort and security when trading using USDT so it's not a problem for me, hopefully USDT is not like UST. USDT is still stable so far because it may have very strong support, if you look at the supply chain that it has very much and can be added, so be careful when storing assets in USDT.

goaldigger

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Quote from: crwth on June 11, 2022, 12:55:31 AM

I think the background of USDC and BUSD is quite favorable when comparing them to the largest stable coin, USDT. The regulation of it and how they have been founded and being regulated is a comforting way that they do it with due diligence, and they are up to speed when being audited or something. Those two are the most favorable stable coins at the moment.

This two is one of the best option that we have, though I used BUSD mostly since I do trading on Binance and I find it more secured. I just don’t know the effect for BUSD the current issues of Binance especially with SEC, I think it’s better for me to convert this into USDC for now. The case of UST creates so much questions about the stablecoin, are they really safe? Well, time can tell and to be more safe better to have a plan if there’s a drops with stablecoins again.

Xal0lex

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USDC in centralized finance and DAI in decentralized finance. In my opinion, these are now the least susceptible to the loss of dollar pegs of all the stablecoins. It is possible that this is what has influenced the outflow of funds from USDT and the influx of funds into USDC. DAI was the best performer in the stablecoin market during May's turmoil. The most unreliable stablecoins at the moment are the algorithmic ones. Until there is a time-tested security mechanism for these coins, it is definitely not worth considering this asset for the long term.

el kaka22

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DAI is decentralized which still creates another problem. What we see in a decentralized one is the fact that it is managed in a "system", so if someone brokes in there, suddenly it could be "hacked" or whatever it would be called and however it is done, and it could crash.

When there is someone there, like a centralized stablecoin then we are talking about those people not being trustworthy, like I do not trust Tether for example, when it's DAI and decentralized, I do not believe that it could be kept there and there is no one protecting it. So, both of them feels a bit bad, I never really trust anything that says "we worth x much" and stable, that just doesn't make sense in crypto for me.

crwth

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I think the background of USDC and BUSD is quite favorable when comparing them to the largest stable coin, USDT. The regulation of it and how they have been founded and being regulated is a comforting way that they do it with due diligence, and they are up to speed when being audited or something. Those two are the most favorable stable coins at the moment.

Coin_trader

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Quote from: Bitcoin_Arena on June 10, 2022, 06:33:32 PM

I think everybody knows what happened in the last 2 months. A couple of stablecoin or even more crashed. I know at least 3 that depegged from the US Dollar (UST, USDN and DEI)
This caused a lot of tension on which stablecoin would be the next to depeg. At one point, USDT was under a lot of pressure, and its price even slight dropped as people were rushing to buy USDC and BUSD. Which brings me to the question

Which stablecoin do you feel so comfortable using, without having any worry of depegging?

BUSD is the most trusted stable coins base on my preference because I like how CZ protect his own business in times of attack and crisis on his project. He even has an insurance fund to cover the losses of the user in case there's a problem arises just like what happened to UST. Binance is the number crypto exchange so I doubt that its BUSD will supper depegged way below 1USD since it has a lot of reserved funds to backed its value and maintain it pegged to 1USD. But still, we should spread our investment in different stablecoins so that our money is protected once any of them suffer terrible losses. We are still in crypto which everything is possible if the CEO becomes greedy.

Minecache

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Quote from: keyscore44 on June 10, 2022, 10:04:40 PM

Quote from: xSkylarx on June 10, 2022, 09:52:22 PM

Quote from: Bitcoin_Arena on June 10, 2022, 06:33:32 PM

Which stablecoin do you feel so comfortable using, without having any worry of depegging?

Most of my stablecoin is on BUSD. USDC is also good option but I prefer BUSD since I always trade on their exchange, and also they have many trading pairs for their own stablecoin so I don't have to worry converting it from one stablecoin to another. Binance is currently the most reputable exchange and they have a lot of funds to support their stablecoin. Depegging BUSD won't happen that easily as it is backed by a real entity unlike what happen in UST and LUNA.

If you have such a good opinion about Binance exchange and BUSD, then you probably haven't read the news and have not heard about their problems with money laundering and drug purchases on the Darknet for cryptocurrencies from Binance. Of course, it's possible that nothing bad will happen, but holding funds in BUSD is the worst thing to do at the moment.

Everything is still unclear and nothing can prove that Binance is guilty and the SEC was right. Currently, Binance is still the largest and most trusted centralized exchange, I think there is nothing bad in holding BUSD or BNB even using the exchange at this time. If the binance exchange is charged and destroyed it will be a hundred times worse than the crash caused by Luna so don't expect this it's just FUD out of hundreds of other FUDs

Jawhead999

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DAI because it's the one stablecoin AFAIK that really decentralized and can't be frozen, unlike other centralized stablecoins even they're have higher marketcap, pairs and trading volume. The reason why many people are convert their coins to stablecoins is they want to protect their capital from volatility especially when the market is down. But using centralized exchanges isn't good idea for long term, you are better off convert to your local fiat.

Ahli38

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I myself chose BUSD and USDC. Because these two stablecoins are audited regularly. Like Binance USD (BUSD) which is audited by the firm every month to make sure the money in the bank is the same as the BUSD in circulation. Meanwhile, USD Coin (USDC) follows United States regulations and cooperates with banks and auditors to be audited every month.

For USDT, I think the risk is still high because USDT is less transparent in terms of audit, regulation and underlying storage.

Dr.Osh

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Well, I think in every coin stable, there will be some downsides, so I think each coin has its own issues, and personally, I don't believe in that. however, for usage, and temporary storage, I always use BUSD. well, the reason is that BUSD is supported by CZ who is currently one of the leading crypto developers who is always in the public spotlight. this made me think that if something went wrong with BUSD it would be very easy to find their team and hold them accountable. after all, they have quite a number of offices in several countries.

mindrust

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None. They are all the same crap. Maybe some of them is a better than the other but in the end it is impossible to fully audit their reserves and that makes them a no no.

We also have seen the danger of using a algo based stable coin with Terra Luna so decentralization isn’t a solution here neither.

It is quite sad that we can’t function without these stable coins anymore and it is because banks mostly don’t do business with the crypto exchanges.

Paul Pogba

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I've been using USDT and BUSD for almost 3 years, and until now I haven't encountered any problems, especially if USDT on the TRON network is proven to be more stable and shipping costs are cheaper than others, the presence of stable coins makes us calmer when we want to lock assets.

DapanasFruit

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I heard many valid concerns on USDT and it can be rooted on the lack of transparency from the organization behind it but I think they have already learned their lessons and I guess they are more open now compared in the past. Personally speaking, I am still trusting USDT more than any other stablecoin plus the fact that it is the most used one by a lot of people and transactions everyday. I am expecting that Tether will even be more transparent, agile and resilient in the face of the market upheavals as a result of the Terra's UST collapse.

Dave1

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I still have some USDT in my wallet, it's not that big though, probably less than $500, just put there just in 'case' scenario.

But for sure majority of us doesn't trust Tether as well because of its dubious management. But so far, there is no rug pull yet and they have been in the market for like 5 or more years if I'm not mistaken. We all are aware of the Luna debacle and for sure one of this day I might withdraw it.

blue Snow

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Quote from: Bitcoin_Arena on June 10, 2022, 06:33:32 PM

Which stablecoin do you feel so comfortable using, without having any worry of depegging?

We live in cyberspace (internet) where we can't see directly the pegged money (dollar). For now, only the truth or tokens already listed for many years we have to believe even we still don't know what happen next [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets. As I look in coinmarketcap, where USDT (tether) is still in Top after Ethereum, I think we have to believe this stable dollar is very stable for many years which have to believe that (volume). So even though the fee is very higher than another token (BUSD), I think I will choose a tether for comfortable.

keyscore44

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Quote from: xSkylarx on June 10, 2022, 09:52:22 PM

Quote from: Bitcoin_Arena on June 10, 2022, 06:33:32 PM

Which stablecoin do you feel so comfortable using, without having any worry of depegging?

Most of my stablecoin is on BUSD. USDC is also good option but I prefer BUSD since I always trade on their exchange, and also they have many trading pairs for their own stablecoin so I don't have to worry converting it from one stablecoin to another. Binance is currently the most reputable exchange and they have a lot of funds to support their stablecoin. Depegging BUSD won't happen that easily as it is backed by a real entity unlike what happen in UST and LUNA.

If you have such a good opinion about Binance exchange and BUSD, then you probably haven't read the news and have not heard about their problems with money laundering and drug purchases on the Darknet for cryptocurrencies from Binance. Of course, it's possible that nothing bad will happen, but holding funds in BUSD is the worst thing to do at the moment.

xSkylarx

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Quote from: Bitcoin_Arena on June 10, 2022, 06:33:32 PM

Which stablecoin do you feel so comfortable using, without having any worry of depegging?

Most of my stablecoin is on BUSD. USDC is also good option but I prefer BUSD since I always trade on their exchange, and also they have many trading pairs for their own stablecoin so I don't have to worry converting it from one stablecoin to another. Binance is currently the most reputable exchange and they have a lot of funds to support their stablecoin. Depegging BUSD won't happen that easily as it is backed by a real entity unlike what happen in UST and LUNA.

cabron

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The ones that is backed by real USD are said to be GUSD which their USD are held in FDIC-insured bank account and USDC is backed by cash and short-term U.S. government bonds as collateral. The others I guess are not known to have backed and/or audited. But everybody claims to have USD.

ref:
https://www.coindesk.com/learn/crypto/gemini-dollar/
https://www.forbes.com/advisor/investing/cryptocurrency/usd-coin/

The one that I'm worrying of de pegging is USDT and if you holding it or staking on DEFI, youre in bad position. Worse frozen because USDT is centralized and this freezing event already happened before.

keyscore44

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When it comes to keeping your funds long term, I feel that the safest is to hold crypto in USDC. When it comes to transfers and trades in general on exchanges or with other people, I usually use USDT, sometimes also BUSD. It all depends on the situation, but USDC is the safest in my opinion.

Kavelj22

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No guarantees can ever be found as to whether any of those called stable cryptocurrencies have a reserve balance.
All that can be trusted is the central administration that is behind that project. And even this is not a 100% reliable source when we remember what happened with the Bitfinex platform, which is the first developer of this type of currency when it was discovered that it was not backed by sufficient reserves of the dollar.

Topic: Which stablecoin do you "trust" the most? - page 5. (Read 483 times)