Are Stablecoins Safe? (Dai, Tether, USDT, USDC, etc)

Are stablecoins safe? Is it safe to hold your assets in this form?

First of all, what are stablecoins?
They are a type of cryptocurrency linked to an asset, such as the US dollar. Asset they’re linked to doesn’t fluctuate much in value, which makes stablecoins appealing to many.

You will receive one token for every dollar you deposit. In theory you can convert your stablecoin to the US dollar anytime you want.

Some of the most popular stablecoins are Dai, Tether, USDT and USDC.

Today we’re covering all you need to know about crypto tokens named stablecoins.

Who are we and what do we do?

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Author: Michael Rosmer

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[pakx]

Pax looks interesting. Supposed to be regulated and audited. With PAXG you can withdraw physical gold bars. Introducing PAXD now (USD backed)

[kolorborg]

Yes, if you use the popular usdt, busd or dai.

[estherstephens]

Great video Micheal. This buttress further what I saw on Boximining, people think because they are called stable coins they are ok to invest in them without doing proper research that's why they lose money and its quite sad .

[mikerobbins]

interesting and instructive video Michael.
personally i used usdt several times while trading

[stevens]

With USDC providing loan services and accepting Bitcoin as collateral, the currency's stability is jeopardized. Stablecoin companies should not do this in order to make their coins stable. If Bitcoin crashes, USDC's market capitalization and peg may suffer.

[leartis]

Great video Michael with lots of useful info. Planning my exit strategy once the crypto market tops out into safety and looking for safe stable coins. Perhaps you can also do a video on cross platform decentralised exchanges as I think there will be a huge demand for their services in the future with more centralised regulation coming.

[JuanCarlos-rhrm]

i think they are safe enough
and there are no reasons for worrying
usdt is one of the best

[bombikonar]

My choice has always been in favor of USDT! Since this coin has been on the market for a long time, time-tested! And not everyone can boast of this!

[bebiksadara]

The USDc has been providing lending services for several months, receiving BTC as collateral for the loan . Usd trolls have been blaming Tether for this for a long time, although the USDC is doing the same.So here it's up to you to choose which stable coins to trust, and which ones not! As for Tether, she is the only one who cares about the community. Tether helps people and projects that have been hacked to get their funds back.

[RedgeNumber]

Do you have another channel with more crypto content?
ESD and DSD were fun algorithmic experiments, I'll stay away from that type of stable coin until things improve haha

[franklewis]

If you are seriously engaged in trading, then you should definitely use stable coins. For me, the number one is Tether, after Dai and others...

[evafoster]

Of course! Tether also began to provide statistics broken down by types of reserves, including a rating on commercial securities and other assets. I am actively using Tether!

[lossoest]

Tether and Dai are definitely safe, but I'm not sure about the USDC.

[piotrzalewski]

cool video
thank you a lot for such reviews
the safest asset for now are busd and usdt for me

[milenadolle]

they are safe tether or dai or something else depends where do you hold them

[urkelorro]

My choice is tether and sometimes dai. However, you can use any of the listed ones.

[ModernAlpha]

Are you Canadian Michael? I’m wondering when this market peak comes am a subject to tax dividends if I convert the majority of my crypto into stable coins and hold it on something like Celsius to collect interest.

Would I still be taxed cap gains. And is there any way to actually move my crypto out of country (assuming I get residency) so Canada can’t tax it. Really don’t like GOV trying to get out of dodge unscathed.

[nickboring]

I have BUSD and USDT in my crypto wallet. And I'm going to buy more.

[nixalter]

actually I believe that stablecoins are the safest crypto asset for now
I'm using tether and am satisfied with it

[josefarrell]

A lot of people use stable coins. Tether is a huge user among crypto traders.