Even more interesting Tether (USDT) news?
As I had mentioned in this last post about USDT (Tether), there is more and more evidence that the non-transparent nature of one of the pillars of our crypto ecosystem is ready to be fall and be replaced. Today, the news from the exchanges as reported by CCN is that two of the newer stablecoins, USDC on Poloniex and PAX on Binanace are starting to trade at an advantage to the older USDT, Tether.
Although, the difference is only around 1% or so at the moment, it is not really a good thing for the older Tether, as the stable coins should be trading at 1:1 as they are all supposed to be tracking the US Dollar. Thus, it appears that there is a preference among traders on the exchanges that the newer stablecoins (PAX and USDC) are more trusted as stores of value than the older USDT.
The newer stable coins are fully regulation compliant in New York, which is considered to be THE most difficult regulation environment for cryptocurrencies at the moment, and so this was an important hurdle for them to clear. Both of the new stable coins have only recently been listed, I'm not sure about USDC, but I saw it around a week ago on Poloniex, and PAX only just launched on Binance a couple of days ago. So, it is a touch too early to read long term into this trend, but it is something to keep in mind, especially if you are holding USDT at the moment as a store of value.
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Posted from my blog with SteemPress : http://www.gamerjokerbreadder.com/2018/10/05/even-more-interesting-tether-usdt-news/
I find all of this very confusing, @bengy but you seem to know your stuff.
Found your post on #steemitbloggers
We need stable coins (at the moment) if we want to shift from pure crypto tokens to a usd/fiat value without exiting fully to the banking system. These coins are called stable as they try to track the value of a real world asset (like the US dollar), which in principle, should mean that you can exchange them 1:1 for the asset they track. As they are crypto tokens, this means you are staying in the crypto ecosystem.
This is useful in times of large crypto drops, where you can exchange to the usdt (Tether) to protect the value of your investment, and buy back in quickly and easily when the market turns around. Exiting to the banking system costs both time and fees. With time being the most critical problem!
For quite some time now, it has been not entirely sure if Tether actually hold the assets to back their token. The idea that the newer stable coins are trading better against the older Tether reflects that lack of trust!
With US dollar trading coming to exchanges isn’t there even a need for tether
Direct usd trading? I missed that, I only saw the launch of several stable coins!
COSS and Bittrex doing it
Interesting... Although it would be harder to go across exchanges with that...
Oh yeah Bengy, I have never held Tether because of the fact that it is unbacked, and, while I don't mind holding bags for projects I believe in, you won't find me holding a zerocoin.
Great info
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Until all the crypto tokens and coins become decoupled from each other, there is a real need for a fiat backed stable coin. It is a safe haven in time of falling crypto prices... Like this past few months! Luckily I don't have any at the moment, and I won't be using any stable coin until I can be more certain! Hopefully these new ones are better and more transparent and auditable
Interesting development here. Hopefully, the market sees an overall stabilizing trend
Stabilisation would be the holy grail! But I hope Tether doesn't knock too much stuff over if it is on the way out...
howdy sir bengy! I hope things stabilize so more investors come into the crypto market but I don't really know much that's why I rely on people like you to learn from! thank you sir!
It's a completely new and uncharted place, it is hard to see what will be useful or not! And everyone sounds like they know!
That said, at least in the short term, there does need to be done sort of stable coin that pegs to a fiat value. Especially if all the crypto moves in lockstep as they aren't well enough differentiated or developed enough to take value from anything other speculation.