USDS new Bitgo stablecoin

[dkbit98]

Crypto custodian company BitGo decided to release new stablecoin USDS and start competing with Tether and Coinbase.
USDS is going to be pegged 1:1 with US dollar and they are claiming this is the first open-participation stablecoin.
Just a reminder that Bitgo is backed by Goldman Sachs, and they recently made big changes with their WBTC token.

USDS comparison with USDC and USDT

https://usdstandard.com/

[_act_]

In short it is backed by USD. I prefer fiat stable coins backed by USD.

What about the freezing of the coin? You know USDT and USDC can be freezed on noncustodial wallet. Many other fiat backed stable coins can also be freezed from noncustodial wallet. Can USDS can not be freezed?

[dkbit98]

What about the freezing of the coin? You know USDT and USDC can be freezed on noncustodial wallet. Many other fiat backed stable coins can also be freezed from noncustodial wallet. Can USDS can not be freezed?

I don't know, but it is better to think that all stablecoins can be frozen by central authority, same like with Tether, and nobody should hold stablecoins long term.
If Bitgo is not saying anything about it than you can bet they can do anything in collaboration with Goldman Sachs.
Fully Compliant on their website can only mean one thing...

[MrSpasybo]

I don't know, but it is better to think that all stablecoins can be frozen by central authority, same like with Tether, and nobody should hold stablecoins long term.
If Bitgo is not saying anything about it than you can bet they can do anything in collaboration with Goldman Sachs.
Fully Compliant on their website can only mean one thing...

Tether's profits are even larger than BlackRock's, which might be why many companies want to become stablecoin issuers. I used to not care about Bitgo but from now on I'll follow their USDS, I hope it will be as reliable as USDT and USDC.

For me, stablecoins are an important part of the crypto market because they support market liquidity through crypto/stablecoin pairs. However, when we have many stablecoin issuers and many stablecoins, the risk to the market also increases. If a stablecoin becomes too big and then collapses, it could affect the entire market: UST is a classic example!

[dkbit98]

Tether's profits are even larger than BlackRock's, which might be why many companies want to become stablecoin issuers. I used to not care about Bitgo but from now on I'll follow their USDS, I hope it will be as reliable as USDT and USDC.

This is funny thing to say, considering that Blackrock literally own most of the assets in the world, bitcoin is only a tiny little thing for them   
But like always crypto news companies like to spin things, Tether had more profits but only from Bitcoin, and they started working bitcoin much earlier than blacrock did.
But let's get back on topic of USDS and Bitgo.

[kulkhan]

Crypto custodian company BitGo decided to release new stablecoin USDS and start competing with Tether and Coinbase.
USDS is going to be pegged 1:1 with US dollar and they are claiming this is the first open-participation stablecoin.
Just a reminder that Bitgo is backed by Goldman Sachs, and they recently made big changes with their WBTC token.

USDS comparison with USDC and USDT

https://usdstandard.com/

Ok recently i saw this token but never i use this stable coin. I think this stable coin will good. I always use usdt and usdc for transection. But now a days USDT transection fees are very high. But usdc in bep-20 is very low cost to transection. And from now i will check USDS also i will use, if it were good and fees were small then it will very help to me.

[erus]

~snip~
USDS comparison with USDC and USDT

https://usdstandard.com/

Hey, I found a lot of very big differences and it is very striking between USDC - USDT and USDS. But when I checked the website you inserted, it turned out that USDS was not listed or traded yet, right? I thought USDS was listed and was able to compete with USDC and USDT because it was able to provide a graph of the differences with USDC and USDT, I thought USDS was very brave to make a picture like that.

[MrSpasybo]

This is funny thing to say, considering that Blackrock literally own most of the assets in the world, bitcoin is only a tiny little thing for them   
But like always crypto news companies like to spin things, Tether had more profits but only from Bitcoin, and they started working bitcoin much earlier than blacrock did.
But let's get back on topic of USDS and Bitgo.

Investors always face a challenge in maintaining percentage-based profits as their capital increases. Billionaire Warren Buffett is famous for being able to do this, achieving around a 20% annual return for Berkshire Hathaway. BlackRock, the world's largest asset management company, also has to pay significant costs for employees, office space, partnerships..., and its net profit can be lower than Tether's.

This further confirms the attractiveness of crypto, and the evidence is that BlackRock is very actively supporting BTC through the BTC Spot ETF and BTC WhitePaper. This is also the motivation for us to have more stablecoin issuers in the market such as Paypal, Ripple and Bitgo. For me, new stablecoins will never be chosen for my portfolio. I will always choose the product of the giant that holds a 75% market share of stablecoins, which is USDT from Tether.

[dkbit98]

Hey, I found a lot of very big differences and it is very striking between USDC - USDT and USDS. But when I checked the website you inserted, it turned out that USDS was not listed or traded yet, right?

You can't trade it right now because it was not released in public yet, so you can't find it on any exchange.
According to Bitgo, USDS token should be released in month January of next year or Q1 2025, and you can find all information you want on their website.

[erus]

Hey, I found a lot of very big differences and it is very striking between USDC - USDT and USDS. But when I checked the website you inserted, it turned out that USDS was not listed or traded yet, right?

You can't trade it right now because it was not released in public yet, so you can't find it on any exchange.
According to Bitgo, USDS token should be released in month January of next year or Q1 2025, and you can find all information you want on their website.

It's still a long time and it's waiting for a few more months, do you think USDS will be able to compete closely with USDT, USDC, FDUSD? Because I see from the screenshot that you inserted for the green checkmark from USDS there are so many comparisons with USDT and USDC, what do you think?

[ABCbits]

Since it's backed by major company, i guess it won't be another unpopular stablecoin. The promise of sharing 98% interest of USD interest is also interesting, although i doubt it's competitive when compared with holding USDC/USDT on custodial service (for example, 5.2% USDC interest on CoinBase).

[MrSpasybo]

Since it's backed by major company, i guess it won't be another unpopular stablecoin. The promise of sharing 98% interest of USD interest is also interesting, although i doubt it's competitive when compared with holding USDC/USDT on custodial service (for example, 5.2% USDC interest on CoinBase).

We need to wait for feedback from law enforcement agencies and users regarding this USDS. Bitgo sharing profits with liquidity providers could come with many troubles and accusations since Tether and Circle don't do that.

To ensure the safety of my crypto assets, I will temporarily avoid USDS until there is clear confirmation of the legality in Bitgo USDS deployment plan. Anyway, USDT and USDC are sufficient to meet my accumulation and trading needs in this market.

[dkbit98]

what do you think?

Dude just chill out and wait for few more months, it's not like you can't survive without yet another stablecoin junk.
I am not a prophet to know what is going to happen with anything in future.

Since it's backed by major company, i guess it won't be another unpopular stablecoin. The promise of sharing 98% interest of USD interest is also interesting, although i doubt it's competitive when compared with holding USDC/USDT on custodial service (for example, 5.2% USDC interest on CoinBase).

Judging by what Bitgo was doing with their wrapped bitcoin token recently I wouldn't trust them with stablecoin, and I am sure it won't be censorship resistant.

[ABCbits]

Since it's backed by major company, i guess it won't be another unpopular stablecoin. The promise of sharing 98% interest of USD interest is also interesting, although i doubt it's competitive when compared with holding USDC/USDT on custodial service (for example, 5.2% USDC interest on CoinBase).

We need to wait for feedback from law enforcement agencies and users regarding this USDS. Bitgo sharing profits with liquidity providers could come with many troubles and accusations since Tether and Circle don't do that.

To ensure the safety of my crypto assets, I will temporarily avoid USDS until there is clear confirmation of the legality in Bitgo USDS deployment plan. Anyway, USDT and USDC are sufficient to meet my accumulation and trading needs in this market.

That's good point. But FYI, USDS isn't released yet where the website shows text "Join Waitlist". So by time it's released, government should already either take any necessary action.

Since it's backed by major company, i guess it won't be another unpopular stablecoin. The promise of sharing 98% interest of USD interest is also interesting, although i doubt it's competitive when compared with holding USDC/USDT on custodial service (for example, 5.2% USDC interest on CoinBase).

Judging by what Bitgo was doing with their wrapped bitcoin token recently I wouldn't trust them with stablecoin, and I am sure it won't be censorship resistant.

Generally i don't trust any stablecoin much. But do you mind share which recent statement they made?