Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Oxumare on February 03, 2022, 12:08:16 PM

Title: Which stable coin is more secure?
Post by: Oxumare on February 03, 2022, 12:08:16 PM
We learn from the attestations reports published by independent organizations in which investment instruments the assets held in return for stable coins are evaluated.
  Since there is no legal regulation and obligation yet, companies issuing stable coins publish these statements at their own discretion and timeframe.

Which do you think is safe -- USDT USDC BUSD DAI , ..

My opinion is USDC
Title: Re: Which stable coin is more secure?
Post by: boomerang on February 05, 2022, 11:43:13 PM
I believe USDT is more secure than others,I'm using Bitay for trading and USDT was always more popular than others, sometimes it's more popular than top10 crypto projects tbh ^^ I believe their platform is solid af.
Title: Re: Which stable coin is more secure?
Post by: Peter90 on February 16, 2022, 02:31:38 PM
Since there is no legal regulation and obligation yet, companies issuing stable coins publish these statements at their own discretion and timeframe.
Audits are a central issue when it comes to stablecoins, as they are coins backed by something. So the question is, whether the purported backing asset is actually backing the coin.
An audit should be conducted by a third party, an independent party.
I can only talk, as an example, about the only stablecoin I'm familiar with:

"On 22nd October 2020 independent officers from Inspectorate International entered the Kinesis vaulting facilities and physically tallied the quantity of gold and silver. Shortly thereafter, the inspectors checked the total against the quantity reported by ABX in the inventory report on 16th October 2020.

As well as recording the quantity, the auditors assessed the quality and weight of a random selection of gold and silver bars. For this purpose, the inspectors carried out tests to assess the weight and fineness of the bullion. Additionally, the auditors assessed whether or not the quality of the storage facility was satisfactory."

https://kinesis.money/resources/kinesis_audit_11-03-2020.pdf

I'm sure there are other stablecoins that offer independent audits.
Anyway, without such audits, to be conducted on a regular basis, it's impossible for a stablecoin to take off, to get broad adoption, particularly by institutional actors.
Title: Re: Which stable coin is more secure?
Post by: chaves05 on February 17, 2022, 04:14:32 AM
In my own opinion is USDC. I prefered USDC than USDT. USDT was Multiple chain adopted, maybe can make some bugs on chain thats impacted for coins and token. but its only my own opinion
Title: Re: Which stable coin is more secure?
Post by: jonathancool220 on February 17, 2022, 07:43:35 AM
USDC is indeed a legendary coin that was designed based on the Ethereum network and since it was first created, USDC has also attracted investors with the existing security system of the ERC20 type.
But I also see that USDT is a legendary coin that has stable coins from the OMNI blockchain and then chooses to expand its business on the blockchain from Ethereum, BSC, Solana and also Polygon Matic.
I prefer to bet on BUSD because BUSD has super flexible power backed up by Binance Exchange.
Title: Re: Which stable coin is more secure?
Post by: aiviaa485 on February 22, 2022, 03:28:46 PM
DAI seems to be more powerful than others because I see this DAI is more complex and more widely used in every event and I see a lot of this DAI is on various networks such as Fantom, BSC, ETH, Arbitrum, Polygon, Avalanche and Sora.
If you look at USDT, USDC, BUSD, of course they are very strong superpowers supported by the advantages of various platforms that are already running but I believe DAI is better for stable koi development.
Title: Re: Which stable coin is more secure?
Post by: Dora Walletinvestor on February 22, 2022, 03:39:15 PM
I am personally not a big fan of USDT. I usually use BUSD and I find it to be a great stablecoin.
Title: Re: Which stable coin is more secure?
Post by: damsix on March 15, 2022, 11:59:26 AM
I use BUSD coins for the assets that I use in stable coins because I believe that BUSD is a super good coin and has many advantages over other stable coins and this is according to my principles because I often trade on the Binance Exchange.
Like Launchpad and Launchpool Binance, sometimes we just hold BUSD to participate in the event, in addition to minimizing the rate of increase and decrease in assets in cryptocurrency, I also choose BUSD for my best investment asset.
Title: Re: Which stable coin is more secure?
Post by: kent47400 on March 16, 2022, 02:04:04 AM
For a stable coin that is ranked in the top 100 Coinmarketcap it is definitely very good, has a large market cap and definitely has proven security because in my experience the coins are designed in such a way that they can be strong and safe.
I recommend all stable coins that enter the top 100 Conmarketcap because with this kind of thing we can make a wise choice reference for our assets in the portfolio in stable coins.
Title: Re: Which stable coin is more secure?
Post by: pambeasely1 on March 16, 2022, 05:54:29 AM
IMO Tether is a peer-to-peer blockchain cryptocurrency since it's pegged to USD and it's also faster in transactions with fewer fees.
but don't forget to DYOR
Title: Re: Which stable coin is more secure?
Post by: Doctor on March 17, 2022, 03:50:43 AM
We learn from the attestations reports published by independent organizations in which investment instruments the assets held in return for stable coins are evaluated.
  Since there is no legal regulation and obligation yet, companies issuing stable coins publish these statements at their own discretion and timeframe.

Which do you think is safe -- USDT USDC BUSD DAI , ..

My opinion is USDC

I prefer in BUSD and USDT for my stable coins.
But If you ask which stable,  I think  we know definition of stable coins.
Sure, those coins certainly stable, , If you asked which.
It depends on your comfortable.
You can choose USDC,DAI,BUSD,USDT
Title: Re: Which stable coin is more secure?
Post by: IyemRoker on March 19, 2022, 01:13:17 PM
I feel USDT is safer than others because USDT is in the top 5 of Coinmarketcap and stands firmly next to Bitcoin and Ethereum, this is only my assessment of stable coins.
But there could also be other stable coins that can have super extra security, and I see this choice because USDT is in the top 5 of Coinmarketcap.
Title: Re: Which stable coin is more secure?
Post by: mahadev on March 19, 2022, 04:41:59 PM
I feel USDT is safer than others because USDT is in the top 5 of Coinmarketcap and stands firmly next to Bitcoin and Ethereum, this is only my assessment of stable coins.
But there could also be other stable coins that can have super extra security, and I see this choice because USDT is in the top 5 of Coinmarketcap.

Agree with you, USDT is remaining their position as the top 5 coins.
Several time overtake BNB for third rank on CMC.
It's amazing, very stable position.
By seeing the chart, I also believe USDT is better than other stable coins.
I always use it for my trading pairs.
Title: Re: Which stable coin is more secure?
Post by: trauchot on March 24, 2022, 08:52:23 AM
I kept my money in various top stable coins, but then I saw several articles in which it was written that the developers of various top stable coins such as usdt can block your money at any time and you will can’t do anything with it, and therefore I keep my money now only in DAI.
Title: Re: Which stable coin is more secure?
Post by: naitik01 on April 28, 2022, 02:21:31 PM
According to me USDT, BUSD coins are more secure, because they have negligible risk and they can also be easily exchanged.
Title: Re: Which stable coin is more secure?
Post by: Cakra bumi212 on April 30, 2022, 10:58:50 AM
In my opinion, a stable coin that is quite safe at this time is USDC as a place of storage because it is more paired and transparent than using USDT.
Title: Re: Which stable coin is more secure?
Post by: de_prof on April 30, 2022, 04:52:26 PM
I believe USDT is more secure than others,I'm using Bitay for trading and USDT was always more popular than others, sometimes it's more popular than top10 crypto projects tbh ^^ I believe their platform is solid af.

I think BUSD and USDT are the best stable coin that I choose.
I always do trading in binance, So that think BUSD is my favourite stable coins to safe my assets.
Maybe other have other opinions, Let's share.
Title: Re: Which stable coin is more secure?
Post by: Monkey Monster on May 17, 2022, 12:02:57 PM
USDC is indeed a legendary coin that was designed based on the Ethereum network and since it was first created, USDC has also attracted investors with the existing security system of the ERC20 type.
But I also see that USDT is a legendary coin that has stable coins from the OMNI blockchain and then chooses to expand its business on the blockchain from Ethereum, BSC, Solana and also Polygon Matic.
I prefer to bet on BUSD because BUSD has super flexible power backed up by Binance Exchange.
Both USDC and USDT can be used for lending, staking, and  providing liquidity for trading pairs, though their returns and functionality  may differ. I agree with you on BUSD because it is also widely regarded as  one of the most secure stablecoins on the market.

Title: Re: Which stable coin is more secure?
Post by: pelana vreo on May 23, 2022, 05:39:56 AM
As long as the stable coin is backed up using USD, the stable coin is safe in terms of price, but for other security such as the UST system, it makes the stable coin unsafe.
Nothing is safe in the crypto space, USDT still has a bit of a problem with the Audits they promised Regulators. I hope that Coinstable can be managed by the government soon, so that something like UST doesn't happen
Title: Re: Which stable coin is more secure?
Post by: Review Master on May 23, 2022, 08:18:11 PM
As long as the stable coin is backed up using USD, the stable coin is safe in terms of price, but for other security such as the UST system, it makes the stable coin unsafe.
Nothing is safe in the crypto space, USDT still has a bit of a problem with the Audits they promised Regulators. I hope that Coinstable can be managed by the government soon, so that something like UST doesn't happen

UST wasn't a pure stablecoin as UST was called algorithmic stablecoin because it wasn't backed by real usd, however other crypto assets were backing it. That's why one whale took the chance from recent market correction and dumped it from its pegged price. After that, other stablecoins were targeted and de-pegged from its pegged price which is $1.
Yeah, nothing is safe in this market, just dyor and jump into those.  :)
Title: Re: Which stable coin is more secure?
Post by: ValueFirst on May 25, 2022, 06:58:50 PM
So lets look at why stablecoins may or may not be secured.
1. They are not backed up by enough collateral or some complex collateral like algorithm - TerraUSD
2. There is not enough audit and transparency - most publish their own and not many independents

Since the fall of UST a lot of companies have started to move away from this place, moving closer to transparency and also more fiat backing as TetherUSD and BinanceUSD recently announced. My extensive research has also led me to some smaller providers like fluid.ch DigitalDollar(DUSD) with different approach to the subject essentially moving users cash from the fiat status to digital status transparently this may be the approach for the future of stablecoins. Where users mint their own coin directly from their fiat currency. It seems a safer and more secured approach.