Paxos (BUSD) and USDC do.
USDT is using a fractional reserve type model, in which they dont only use USD but also commercial paper/cash-like paper.
Yes they do.
https://paxos.com/stablecoin-and-payments/
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Binance to stop supporting USDC, the second largest stablecoin
- Thread starter troubled soul
- Start date
Paxos (BUSD) and USDC do.
USDT is using a fractional reserve type model, in which they dont only use USD but also commercial paper/cash-like paper.
Yes they do.
https://paxos.com/stablecoin-and-payments/
Stablecoins appeared in 2014, including USDT. I personally don't consider that recent as 99% of the people who are in crypto nowadays didn't even know what crypto was back then. Of course, there was crypto before them, but its importance wasn't as it is today. In 2013 I can tell you I wasn't able to do almost anything with crypto besides buying and selling for fiat, all there was back then were faucets, gambling, silkroad, and maybe a couple of merchants that accepted BTC.
I'm glad you use crypto to purchase goods and services, but the fact crypto has gotten so big is because of stablecoins, which have allowed millions of people to trade cryptos for "fiat" in an unregulated and easy way. Sorry to break it to you but probably over 90% of people don't use crypto to exchange it for goods and services, they use it to make money, as an investment. So what's the easiest way to exit a position? Convert the asset into fiat or stablecoins. There is a reason 3 stablecoins make up as much volume as the rest of the market.
Don't get me wrong, the way you and I use crypto, in order to purchase goods and services is the whole objective of cryptos, but sadly cryptos have become an investment vehicle rather than a currency to be spent.
I think the one who doesn't know what they're talking about is you, but it's okay, you always have new things to learn.
Personal hot take;
The most popular crypto assets will end up being stablecoins, as people will use them to farm yield while avoiding any price fluctuation.
True but eventually someone will come out with a regulated product / functioning platform.
Nexo has been around for some time and have never had any problems, not even with this last 3AC ordeal.
I really dont understand how people put their money in some random DeFi project, its really beyond me.
I mean technically they are the most popular crypto assets as their volume makes up most of the crypto market volume as most platforms use either USDT, USDC, or BUSD for their trading pairs. Yield farming is a scam though, as it's not something that can work forever, and usually, the risk of depositing in yield farms and ending up losing money one way or another is pretty high.
The problem with platforms like Nexo is that they're working fine till they suddenly stop withdrawals and they're not fine anymore. There's no way to know their financials.
I will add GUSD to the list which is also approved by NYDFS.
personally, I'm waiting for XMR backed "stablecoin" but I don't know if it's mathematically possible, or if XMR underlying "privacy" technology will allow for such thing to exist in the first place, but if it can be done somehow, it's game over.
Not possible and not needed. Why should you “back” something valuable and scarce (btc, xmr) by something with zero value and unlimited supply?
It is not backed by usd. Anything built on a “promise” (like fiat itself is) is destined to fail.
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