Will stablecoins replace Fiat currencies in the future?

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Quote from: MFahad on April 24, 2021, 06:32:49 PM

Quote from: noorammak on April 24, 2021, 11:43:32 AM

Stablecoin has the original standard from fiat currency placed in banks, typically USDT, BUSD, TUSD, USDC then to protocols from crypto institutions. If taking stablecoins instead of FIAT, that doesn't seem right. We still don't have a worldwide crypto adoption so it's not a matter of Stablecoins replacing FIAT. Governments must never let cryptocurrency replace the national currency they create.

I think that stable coins like USDT, BUSD, TUSD, USDC has already replaced the USD as in the exchanges we use these stable coins and not the USD itself. In the future, there will be no USDT or USD and money will be measured in bitcoin only.

This is very unlikely, I love bitcoin and I think it will become a currency used worldwide but to think that somehow stable coins are going to disappear when coins like USDT have a higher volume than all the coins above it in terms of the market cap combined is simply not realistic, if you do not like stable coins then that is fine but we cannot close our eyes to the truth, stable coins perform an important function and that function is not going to suddenly disappear out of nowhere.

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Quote from: Nivia1st on April 26, 2021, 03:32:13 AM

why not, stablecoins are the most suitable crypto for everyday use. with a low fee and a stable price this is very appropriate. and if governments make their own crypto, I'm sure they'll make stablecoins. and the possibility of stablecoins replacing fiat is wide open. there is no cryptocoin more precise than stablecoins, privacy coins are difficult to track, bitcoin and ethereum are too expensive and very unstable.

I think if the government do decides to develop a cryptocurrency and they went ahead to get a stable coin, is it still going to be pegged to the USD that the stable-coin is trying to replace or to what? Lets say they do get a stable coin, wouldn't it be regulated with all the government functionalities attached to it or will it be free and decentralize like the real cryptocurrency?
What ever the government comes up with wont really be a true cryptocurrency and stable-coins might be majorly accepted for transaction but will not replace fiat.

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why not, stablecoins are the most suitable crypto for everyday use. with a low fee and a stable price this is very appropriate. and if governments make their own crypto, I'm sure they'll make stablecoins. and the possibility of stablecoins replacing fiat is wide open. there is no cryptocoin more precise than stablecoins, privacy coins are difficult to track, bitcoin and ethereum are too expensive and very unstable.

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Technological advances will continue to develop, we have seen digital currencies such as those in bank balances, debit cards and credit cards are very easy to use, we don't need Fiat if we want to make transactions using a debit card.
Fiat currency seems to always exist because not everyone has a connection to the internet network and after all problems are resolved such as internet coverage, electricity and tools for digital currency payment systems such as stable coins are resolved, maybe we can use them with regulations issued by several countries.

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I don't think so. No country will ever withdrawal there fiat. If they have to digitalized everything they will make their own digital currency with centralised system. Yes I also think that fiat will be alternative and many people 5 years from now use stable coins and crypto as a payment method. But fully withdrawn of fiat is not possible.

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Quote from: kak uli on April 25, 2021, 01:20:31 PM

yes, maybe that will happen if the government in a country is interested in these stablecoins. but in your opinion, where will the stablecoin be adopted ??
and it seems that if you look at the current developments, many countries and governments are not sure about such a thing, so it is not easy to issue a regulation governing digital currencies, and it is not easy for stablecoins to replace a country's fiat currency.

Each country will clearly use their respective country's currency, now for matters about stablecoins such as the USDT example I think it will be very easy to apply through currency exchanges at banks in their respective countries, even though your country's government has not adopted it, but I am very I am sure that several governments in other countries have adopted it, because the value of stablecoins is always the same as the value of the dollar in general.

kak uli

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yes, maybe that will happen if the government in a country is interested in these stablecoins. but in your opinion, where will the stablecoin be adopted ??
and it seems that if you look at the current developments, many countries and governments are not sure about such a thing, so it is not easy to issue a regulation governing digital currencies, and it is not easy for stablecoins to replace a country's fiat currency.

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Quote from: Abiky on April 02, 2021, 07:35:08 PM

Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch?

No there is not even a slim possibility that a government will adopt stablecoins as their own. They would rather create one that they have full control than adopting stablecoins that can greatly affect their economy. I believe the government will adapt to the present existence of stablecoins but they will never adopt it as their own due to the issue of control.

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Definitely it will because any country can rise and introduce their stable coin and people will value it without going into their fiat currency, despite that fiat currency is the foundation of each country, and they started with it, and it will be very difficult to leave it and starting making use of stablecoins in the society or country, so Fiat remain fiat currency and it's more influential than any other currency for now.

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Quote from: arifteguhr on April 25, 2021, 10:33:32 AM

No. The stable coin is currently having a lot of problems and also yesterday USDT had a problem with Bitfinex. it is too easy to conclude that the current currency will be replaced.
However, it is possible that in the next few decades we will see a new currency that can be used more efficiently. the current shift of people in transactions to electronics makes this an indicator

I don’t think it will happen. USD or USDT. This currency is used by too many people to replace it with something else. This money is embedded in our lives too tightly to refuse it. And nothing needs to be done, because we already use electronic money.

arifteguhr

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No. The stable coin is currently having a lot of problems and also yesterday USDT had a problem with Bitfinex. it is too easy to conclude that the current currency will be replaced.
However, it is possible that in the next few decades we will see a new currency that can be used more efficiently. the current shift of people in transactions to electronics makes this an indicator

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Quote from: MFahad on April 24, 2021, 06:32:49 PM

Quote from: noorammak on April 24, 2021, 11:43:32 AM

Stablecoin has the original standard from fiat currency placed in banks, typically USDT, BUSD, TUSD, USDC then to protocols from crypto institutions. If taking stablecoins instead of FIAT, that doesn't seem right. We still don't have a worldwide crypto adoption so it's not a matter of Stablecoins replacing FIAT. Governments must never let cryptocurrency replace the national currency they create.

I think that stable coins like USDT, BUSD, TUSD, USDC has already replaced the USD as in the exchanges we use these stable coins and not the USD itself. In the future, there will be no USDT or USD and money will be measured in bitcoin only.

They have to be measured by other commodity standards, Bitcoin is only part of that. The world has printed too much money and ignored standards. Historically we've had 2 dollars printed on the gold standard and they don't last long.

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Its so hard to tell because crypto currency has a bad influence in others eyes and mostly the word SCAM is the common thing that always turn to some people to reject crypto currency.. Its a negative news to make the story short..
For me if i will answer your question if its still possible.. Probably its still No CHANCE even crypto keeps improving its technology . as some of the countries are against on it which the way how it can influence people to make crimes and etc. on this reason we can tell that's there's no way it can replace fiat.

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Quote from: MadeMen on April 23, 2021, 06:35:38 PM

I personally don't see that happening unless we have a central government and the government takes over the stable coin. What seems more likely to happen is that some countries may choose to have their own cryptocurrency which may replace the fiat or probably be used alongside with the fiat.

As far as i know, almost all countries didn't have the intention to replace their fiat money with the digital currency. The fiat money will co-exist with the digital currency and so many countries already stated about this dude.
The stable coin will never replace the fiat currency but it can be a good option to use stable currency in the digital form.
You will never see that happens for sure.
This has been discussed so many times.

MFahad

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Quote from: noorammak on April 24, 2021, 11:43:32 AM

Stablecoin has the original standard from fiat currency placed in banks, typically USDT, BUSD, TUSD, USDC then to protocols from crypto institutions. If taking stablecoins instead of FIAT, that doesn't seem right. We still don't have a worldwide crypto adoption so it's not a matter of Stablecoins replacing FIAT. Governments must never let cryptocurrency replace the national currency they create.

I think that stable coins like USDT, BUSD, TUSD, USDC has already replaced the USD as in the exchanges we use these stable coins and not the USD itself. In the future, there will be no USDT or USD and money will be measured in bitcoin only.

noorammak

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Stablecoin has the original standard from fiat currency placed in banks, typically USDT, BUSD, TUSD, USDC then to protocols from crypto institutions. If taking stablecoins instead of FIAT, that doesn't seem right. We still don't have a worldwide crypto adoption so it's not a matter of Stablecoins replacing FIAT. Governments must never let cryptocurrency replace the national currency they create.

oprahwindfury

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A ton of points before that handles about digital currency supplanting fiat cash which I actually accept that it wont happen regardless of whether we present the most stablecoins in light of the fact that the public authority wont permit this sort of organization, there's no mysterious cash here and this is a major NO for the public authority so this wont occur.

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Quote from: mulia sabee on April 24, 2021, 04:16:01 AM

In my opinion, it is impossible to happen, not a single digital currency is able to replace viat currency, so forget the things that are not possible.
If a digital currency replaces the viat currency, it requires a lot of support, both from the government and other institutions, meaning that it only takes a lot of time.

- A low chance, rather than completely impossible because the government seems to want to take a step further in technology, ideas that do not use fiat and cash are discussed quite a lot, you can refer to this topic through several news forums. The big weakness of this plan is that the government has not been able to make a transition completely and most convenient for users but as soon as the rules are agreed upon and accepted internationally, stablecoins dominating and replacing the old system will be easy in the future.

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Quote from: Abiky on April 02, 2021, 07:35:08 PM

will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated.

What even makes you think that such thing is going to be happening? There is only one top stable coin that I know of is decentralized and that is DAI, the rest are centralized and owned by people. So, what makes you think that the government will be adopting a currency that is owned by individuals and living things that has to do with the finance in the hands of ordinary individuals? That’s the same thing that happened with Facebook Libra and the reason they were stopped. If the government wants a stablecoin they are going to create their own and not adopt anything.

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In my opinion, it is impossible to happen, not a single digital currency is able to replace viat currency, so forget the things that are not possible.
If a digital currency replaces the viat currency, it requires a lot of support, both from the government and other institutions, meaning that it only takes a lot of time.

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