Tether Becoming The Go To Stable Coin | Maybe HBD?
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Tether Becoming The Go To Stable Coin | Maybe HBD?
Tether the "Stable Coin" which constantly comes under attack and for good reasons such as no audit reports, no real proof of backup and then seeing that the full supply is not backed by easy to get to liquidity seems to be growing in popularity yet again as other stable coins come under increased pressure and scrutiny around how they are handled.
With a market cap now over 71 billion dollars and one of the highest velocity of money systems ever tether is a beast of a digital currency and is used for nearly everything including popular DeFi platforms.
This spark in Tehter once again to levels it hasn't seen since the peak of the 2021 rally seem to stem in particular around BUSD coming under attack lately including Paxos who announced mid February they would stop minting it.
That's not all though we also see other stable coins increasing their shares as of late. Take a look at the following
USDC which is Coinbase's stable coin to a near 44 billion market cap
Overall the crypto market cap is nearly 150 billion of the 1.1 trillion dollar cap. A rather sizeable amount however still shows the true power of crypto currencies that are not tied to the stable coin price.
Instead these stable coins make for great pairing on defi networks to help reduce the threat of impermeant loss.
While I personally don't like many stable coins and stayed away from them I do understand their importance in growing the ecosystem and creating further adoption of the crypto markets. However it also starts to bring in huge pressure for regulated stable coins and CDBCs which will be controlled and tracked like crazy by governments thus almost voiding crypto again and creating a massive divide between the two (or maybe not) I'm curious what your thoughts are on that.
That brings me to the point of HBD and how it could hold massive potential in terms of really scaling the Hive blockchain. While it's still beyond me how stuffing a bunch of cash into HBD helps hive of which I'll most likely never understand it still proves that the market cap of HBD is extremely small and the massive possibilities of a 20% APR. If HBD ever reached a few billion do you really think HBD could continue to print at 20% APR? I don't think so and honestly I think it continues to provide a negative pressure on the price of Hive by being active. If someone could explain to me how it doesn't I'd love to hear it because that part continues to elude me.
In any case HBD is pretty much the only decentralized "stableish coin" and I say stableish because it's far from stable still. It however proves a seriously powerful partnership for DeFi on platforms like Diesel pools, CubDefi, PolyCub
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Its crazy to say it since Hive lowest price was around 11 cents few years ago but we are still very very early, 5 years for a proyect its nothing same goes for HBD thats why I think that 20% interest will stay there for savings and wont change for sometime, we are very early into Hive, Bitcoin is already a decade old so I can only imagine in 10 years from now where will Hive be
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It's all about the trust, People trust Tether, that is why even after these much of bad news, it is staying stable and gaining a big market share. I would love to see HBD do the same.
Yay! 🤗
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HBD is still a hidden gem, but at the same time, it has some constraints of liquidity to keep it safe. If Hive would explode, so will HBD.
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I like $HBD a whole lot because it isn't pegged to any fiat currency. The fact that it's a derivative of $HIVE also insulates it from many of the same risks faced by centralized "stablecoins" such as $USDT or $BUSD.
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Unsure what to say about my likes and dislikes of stable coins sometimes.
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