Which stablecoin the safest?

[Nwada001]

In respect to this topic, which is currently being discussed in the Bitcointalk forum:
Tether USDT and it's freezing features

I will like to ask about the best stablecoin, which could be considered the safest in terms of privacy and freedom, which includes being in full control of your holdings.

[damsix]

I will like to ask about the best stablecoin, which could be considered the safest in terms of privacy and freedom, which includes being in full control of your holdings.

Stable coins that have Secret and Freedom types are difficult for me to know and this is a very good topic to continue in various forums, including the altcoinstalks forum.
Basically, stable coins are a type of coin whose price is equal to Fiat USD and of course USDT, USDC, FDUSD are not Privacy and are not Freedom because I am sure this USD is backed up by real money.

And I would even ask back, "How is it possible that Fiat USD, EURO, YEN, YUAN stable coins are created for privacy and freedom in cryptocurrency??
Meanwhile, USD, EURO, YEN, YUAN are real coins in this world that are widely used by people in various countries. This is make me dizzy. dammnnn

[MrSpasybo]

I evaluate the goodness of stable coins on some criterias: proof of reserves, ability to maintain value compared to fiat, and legal safety.

Currently, USDT is the best in terms of ability to maintain value, they have proof of reserves but are not legally safe. I still believe that after Binance, Tether will be the next subject to be investigated by US Department of Justice.

USDC just experienced a de-peg to $0.8 but has recovered very strongly. Coinbase and Circle are major forces backed by large investment organizations as BlackRock, so I believe this is the strongest surviving stable coin in crypto market.

After BUSD weakening, new stable coins have appeared but do not yet have a large enough capitalization to compete. We just need to divide the stable coin reserves into USDT and USDC to be safe enough.

[therozaq]

In respect to this topic, which is currently being discussed in the Bitcointalk forum:
Tether USDT and it's freezing features

I will like to ask about the best stablecoin, which could be considered the safest in terms of privacy and freedom, which includes being in full control of your holdings.

By seeing several opinions above, I think if you asked which is the best and safest of stable coin, USDT is the one.
I have used USDT at several exchanges and enjoy it.
Although there are many stable coins such us BUSD, USDC and other , I think USDT is still the first choice.
Maybe other member , I think will have the same opinion.

[bitmover]

Although there are many stable coins such us BUSD, USDC and other , I think USDT is still the first choice.
Maybe other member , I think will have the same opinion.

Be careful about BUSD. Binance will end support for BUSD this month

https://www.coinscan.com/blog/binance-to-discontinue-BUSD-support-in-December-2023

Binance, the world's largest cryptocurrency exchange, announced its decision to discontinue support for its BUSD stablecoin effective December 15, 2023

Also this, looks like the final limite date is January 1st 2024.

Users are encouraged to withdraw or convert their BUSD assets into other available assets on Binance before 2023-12-15. Users may trade their BUSD balances for FDUSD at zero trading fees, or convert their BUSD balances to FDUSD on Binance Convert at a 1:1 conversion rate with zero fees.

From 2024-01-02 03:00 (UTC), BUSD withdrawals will be disabled, and any remaining BUSD balances in users’ Binance accounts will be automatically converted to FDUSD at a 1:1 conversion rate. Thereafter, users may continue depositing BUSD into Binance and can manually convert their BUSD to FDUSD at a 1:1 conversion rate until further notice.

I recommend everyone to stay away from BUSD for now.


Other than data, USDT and USDC look safe. however, I wouldn't hold any of those coins for long term, just short term. I am paranoid about those centralized projects.

[KingsDen]

In respect to this topic, which is currently being discussed in the Bitcointalk forum:
Tether USDT and it's freezing features

I will like to ask about the best stablecoin, which could be considered the safest in terms of privacy and freedom, which includes being in full control of your holdings.

You cannot be talking about centralized stable coins and be talking about privacy. Anyone using centralized stable coins has no business with privacy. I do not have problems with the ability of Tether to free coins because they do not go around freezing random coins. I only read that they freeze stolen coins or hacked coins which is a good development. It is one of the advantages of centralization. So, we shouldn't disregard that.

Talking about privacy stable coin, I don't know the status of DIA now but it used to be a reliable decentralized stable coin.

[NikeFit_7777]

I evaluate the goodness of stable coins on some criterias: proof of reserves, ability to maintain value compared to fiat, and legal safety.

Currently, USDT is the best in terms of ability to maintain value, they have proof of reserves but are not legally safe. I still believe that after Binance, Tether will be the next subject to be investigated by US Department of Justice.

USDC just experienced a de-peg to $0.8 but has recovered very strongly. Coinbase and Circle are major forces backed by large investment organizations as BlackRock, so I believe this is the strongest surviving stable coin in crypto market.

After BUSD weakening, new stable coins have appeared but do not yet have a large enough capitalization to compete. We just need to divide the stable coin reserves into USDT and USDC to be safe enough.

Tether is reliable and secure, there is no doubt about that. The biggest concern is blocking addresses. I know such addresses are:
1. Or under sanctions;
2. Or the funds belong to people who sell weapons/people/drugs.

But, has anyone wondered if this is a test scenario? To block the accounts of regular users in the future. I realize it may seem like I'm wrong, etc., but if you reason logically, this scenario could happen.

What do You think about it? It is interesting to read other users' thoughts. 

[Jamal Aezaz]

In respect to this topic, which is currently being discussed in the Bitcointalk forum:
Tether USDT and it's freezing features

I will like to ask about the best stablecoin, which could be considered the safest in terms of privacy and freedom, which includes being in full control of your holdings.

I heard that USDC and DAI are the safest stablecoins. I never understood why USDT is so much hated as an stablecoin and called out so many times. I really don't see anything wrong In USDT. the team behind Tather Company Which runs and controls usdt seems dedicated and doing constant effort to make USDT a worth Stablecois. every exchange I know has Stablecoin as one of their primary pair against all tokens.
now see USTC for example. which was regarded as a very good stable coin by Crypto Gurus. but what happened to that everyone saw..

[Dr.Bitcoin_Strange]

By seeing several opinions above, I think if you asked which is the best and safest of stable coin, USDT is the one.
I have used USDT at several exchanges and enjoy it.
Although there are many stable coins such us BUSD, USDC and other , I think USDT is still the first choice.
Maybe other member , I think will have the same opinion.

It's not only about the usability but also the safety of using the currency. I believe that USDt is the most commonly used stable coin, but it's a centralized smart contract and can actually be ceased if, for any reason, there is a need for the coin to be ceased. It can actually be trapped in your wallet, and you can't withdraw it.

Take, for example, a hack issue that played out either last year or in 2022. After the hack, some huge funds were stollen and converted to USDt, and when the transactions of that hack were tracked, Tether had to freeze that asset in whatever wallet it was sent to.

If you are using USDT or any stable coin to carry out transactions more frequently, then you don't have issues doing that, but how about storing millions or billions of dollars in your wallet and peradventure the smart contract has an issue and your coin gets frozen?

I read some articles, and it was said that the safest coin is DAI. From the list, I also found that FRAX and LUSD are also safe, but USDT is the most used, while it's not the safest.

[Peter90]

Tether is reliable and secure, there is no doubt about that.

It is so reliable and secure that 2022 a federal judge in New York has ordered Tether to produce new documents proving that it has sufficient reserves to support its past issuance of USDT.

I still believe that after Binance, Tether will be the next subject to be investigated by US Department of Justice.

Not so much reliable and secure after all, isn't 

I never understood why USDT is so much hated as an stablecoin and called out so many times. I really don't see anything wrong In USDT.

The most important part of a stablecoin is what guarantees its stability.
They stated that their coins were 100% backed by US dollar, but it was discovered that it wasn't true.
Maybe that's why the bad reputation 

[Peter90]

Which stablecoin the safest?

The first and most important part of a stablecoins are the assets that back that stablecoins and so guarantee its stability.

The safest stablecoins are stablecoins where there is an independent company that audits on a regular basis the assets backing those stablecoins.

For example, Tether use BDO as auditing company, Kinesis uses Bureau Veritas

[tbct_mt2]

Stable coins have pegs to fiat currencies like US dollar. They can depeg and a most famous and terrible depeg is Terra UST algorithmic stable coin.

With depeg like UST, it is no longer a stable coin.

I see all stable coins are unsafe if you need a mean to store your asset long term. If you need such, use US dollar directly. At least US dollar won't depeg from value of US dollar, not joking.

However, storing your capital in US dollar or stable coin is not investment, because you won't get increase of value for your portfolio.

You must invest your money into something, like Bitcoin. Remember to store your bitcoins in non custodial wallet, aka. self-custodial wallet. Don't store it in custodial wallet, online account, you will lose it if those platforms shut down, scam exit.

[KryptoBull]

Tether is just a company, not a decentralized protocol, so they can freeze illegal transactions.
USDT is continuing to grow and is considered the best peg-holding stable coin. USDC once lost its peg while USDT was always stable around 1 USD.
I believe in USDT but will always keep a portion of stable coin in USDC to be ready for the worst case scenario where Tether continues to be prosecuted with the issue of proof-of-reserves.

[Peter90]

I see all stable coins are unsafe if you need a mean to store your asset long term. If you need such, use US dollar directly. At least US dollar won't depeg from value of US dollar

Why do you think stability = US dollar?








US dollar vs. Singapore dollar
last 40 years





Currently the US dollar is losing 8% of its purchasing power on a yearly basis.

Why would you store your wealth in an asset that is losing 8% of its value each year?

[Wiseman]

I evaluate the goodness of stable coins on some criterias: proof of reserves, ability to maintain value compared to fiat, and legal safety.

Currently, USDT is the best in terms of ability to maintain value, they have proof of reserves but are not legally safe. I still believe that after Binance, Tether will be the next subject to be investigated by US Department of Justice.

USDC just experienced a de-peg to $0.8 but has recovered very strongly. Coinbase and Circle are major forces backed by large investment organizations as BlackRock, so I believe this is the strongest surviving stable coin in crypto market.

After BUSD weakening, new stable coins have appeared but do not yet have a large enough capitalization to compete. We just need to divide the stable coin reserves into USDT and USDC to be safe enough.

I don't trust these 2 steiblcoins like USDC and BUSD, to summarize, I don't hold them at all, I had BUSD a few times but I immediately got rid of them and changed to the usual USDT, but with USDC I didn't work out at all))) I haven't held this token from the very beginning when it was released, maybe it's prejudice))) but I trust only the popular USDT and that's it