Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: dkbit98 on January 11, 2024, 05:40:02 PM
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Stable coins are possible on Bitcoin by using second layer solutions like Liquid Network.
If you want to have best privacy for stable coin I would suggest checking out L-USDT because it has confidential transactions.
It works the same way like USDT on other chains but you don't need to have base tokens like trx, eth, bnb, etc.
L- USDT explorers:
https://liquid.network/assets/asset/ce091c998b83c78bb71a632313ba3760f1763d9cfcffae02258ffa9865a37bd2 (https://liquid.network/assets/asset/ce091c998b83c78bb71a632313ba3760f1763d9cfcffae02258ffa9865a37bd2)
https://blockstream.info/liquid/asset/ce091c998b83c78bb71a632313ba3760f1763d9cfcffae02258ffa9865a37bd2 (https://blockstream.info/liquid/asset/ce091c998b83c78bb71a632313ba3760f1763d9cfcffae02258ffa9865a37bd2)
Wallets supporting L-USDT and L-BTC:
- Blockstream Green wallet (mobile and desktop)
- Aqua mobile wallet (desktop soon)
- Jade hardware wallet (open source)
- Ledger hardware wallet (closed source!)
Exchanges supporting L-USDT and L-BTC:
- Bitfinex, SideSwap, HodlHodl...
Learn more about Liquid Network, L-BTC and L-USDT:
https://liquid.net/ (https://liquid.net/)
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I was never a big fan of Changelly exchange but they recently added support for Liquid Network assets L-BTC and L-USDT, so they can be swapped with any other coins.
Be careful using any centralized exchanges that can ask for your kyc verification, but it is good to see more exchanges listing Liquid assets.
https://changelly.com/?from=lusdt&to=lbtc
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Blockchair explorer recently added support for Liquid network assets.
You can now search blocks ands transactions for all Liquid assets including L-BTC, L-USDT and others.
I think that confidential transactions are show like this ?? with two question marks.
https://blockchair.com/liquid-network
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Stable coins are possible on Bitcoin by using second layer solutions like Liquid Network.
If you want to have best privacy for stable coin I would suggest checking out L-USDT because it has confidential transactions.
It works the same way like USDT on other chains but you don't need to have base tokens like trx, eth, bnb, etc.
Just a curiosity:
Usdt initially ran on bitcoin mainnet, in a solution called Omni network
You can still find a few usdt transactions of usdt on bitcoin on-chain
https://omniexplorer.info/
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Usdt initially ran on bitcoin mainnet, in a solution called Omni network
Yes I know, but it tokens are not minted anymore on Omni, I think they stopped last year in 2023.
It didn't make any sense to use stablecoin on Bitcoin when fees can go crazy high and speed is the same.
I found transparency page on Tether that is showing all current and past networks with USDT support.
This is for USDT on Omni:
Total Authorized
$888,000,000.00
Less: Authorized but not issued
-$725,686,513.75
Less: Quarantined USD₮
-$32,303,805.00
Net Circulation
$130,009,681.25
USDT on Liquid Network:
Total Authorized
$36,561,000.00
Less: Authorized but not issued
-$19,349,151.00
Net Circulation
$17,211,849.00
https://tether.to/en/transparency/?tab=usdt
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It didn't make any sense to use stablecoin on Bitcoin when fees can go crazy high and speed is the same.
I think it makes even less sense in ethereum, where fees are even higher.. but that is the way it is ...
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I think it makes even less sense in ethereum, where fees are even higher.. but that is the way it is ...
Fees on ethereum is actually now lower than for sending stable coins using Tron network, believe it or not.
Not that I use any of that, but ethereum have so many second layer solutions with even lower fees (Polygon, Optimism, Arbitrum, X-Dai), and they all support Tether.
According to gasfeesnow Polygon has the lowest transfer fee of 0.001 USD:
https://gasfeesnow.com/
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I think it makes even less sense in ethereum, where fees are even higher.. but that is the way it is ...
Fees on ethereum is actually now lower than for sending stable coins using Tron network, believe it or not.
Not that I use any of that, but ethereum have so many second layer solutions with even lower fees (Polygon, Optimism, Arbitrum, X-Dai), and they all support Tether.
According to gasfeesnow Polygon has the lowest transfer fee of 0.001 USD:
https://gasfeesnow.com/
Yeah, but many services do not support all those 2nd layer USDT. For example, I use a lot BItstamp and exch.cx, and both only support ERC-20 USDT on ETH mainchain.
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Yeah, but many services do not support all those 2nd layer USDT. For example, I use a lot BItstamp and exch.cx, and both only support ERC-20 USDT on ETH mainchain.
That is true, but you can receive USDT from ethereum and tron chain to Aqua wallet that is based on liquid network and it will get converted to L-USDT.
There are probably other exchanges and cross bridges that can convert USDT from one chain to another with small fees, but I didn't test them myself.
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I was never a big fan of Changelly exchange but they recently added support for Liquid Network assets L-BTC and L-USDT, so they can be swapped with any other coins.
Be careful using any centralized exchanges that can ask for your kyc verification, but it is good to see more exchanges listing Liquid assets.
https://changelly.com/?from=lusdt&to=lbtc
An important update is the addition of support for Changelly's Liquid Network assets such as L-BTC and L-USDT. This brings more transaction opportunities for users with these assets. However, it is important to exercise caution when using central exchanges that request KYC verification. If you're going to use an exchange like Changelly, it's a good idea to learn about their security and policies in detail. It would also be good to look at other exchanges for listing Liquid Network assets.