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[NoLimits15]

The supply of USDC which is a Coinbase backed stablecoin, has increased by almost 250% this year. The rise is mainly due to the fact that more and more people are taking interest in DeFi applications. The supply of USDC is now at $1.8 billion. Similarly, the supply of other popular stablecoins like DAI and PAX have also increased.

 

[onlyprofits]

I trade cryptocurrencies, I am a basic level, but I do not know the usefulness of so many stablecoins and I do not understand about the supply of a stable currency like USDC.

 

[microunit]

as stablecoins are really tied up to the value of a dollar as they don't really go that far away from a dollars worth per token hence stablecoin, the way these coins just increases in market cap is just to increase the coins supply

 

[onlyprofits]

as stablecoins are really tied up to the value of a dollar as they don't really go that far away from a dollars worth per token hence stablecoin, the way these coins just increases in market cap is just to increase the coins supply

Do you know what are the criteria used to increase the supply of a stable currency?
Why do they release so many stablecoins?

 

[microunit]

Do you know what are the criteria used to increase the supply of a stable currency?
Why do they release so many stablecoins?

I think the criteria for increasing the supply is its demand, the more its demands the more supply it will increase as it's price can surely never fluctuate or go that far from a dollar's worth

 

[onlyprofits]

I think the criteria for increasing the supply is its demand, the more its demands the more supply it will increase as it's price can surely never fluctuate or go that far from a dollar's worth

So when they launch a stable currency they emit few units and depending on the demand they emit more units. The world of cryptocurrencies is dynamic, every day there are new tokens with particular characteristics.

 

[microunit]

So when they launch a stable currency they emit few units and depending on the demand they emit more units. The world of cryptocurrencies is dynamic, every day there are new tokens with particular characteristics.

Yep that is how a stable currency works , it's like just a digital dollar in a nutshell , though most stabecoins aren't really yet that supported by many unlike with bitcoin

 

[Josemendez]

The supply of USDC which is a Coinbase backed stablecoin, has increased by almost 250% this year. The rise is mainly due to the fact that more and more people are taking interest in DeFi applications. The supply of USDC is now at $1.8 billion. Similarly, the supply of other popular stablecoins like DAI and PAX have also increased.

Well, the fact is that USDC and other similar coins are getting the attention of small and big investors. People now believe in buying such coins and holding them for a long time .

 

[microunit]

Well, the fact is that USDC and other similar coins are getting the attention of small and big investors. People now believe in buying such coins and holding them for a long time .

well if they do buy and hold stablecoins I think it will not really net them in the long run as these stablecoins prices are programmed to be always a dollar or close to a dollar

 

[Vladv26]

Stable coins are increasing in popularity and because of that they need to create more coins. People have more trust in this kind of coins because as their name says they are stable

 

[ElSombrero]

Recently I stopped liking usdt. the eurg token has a more interesting infrastructure

 

[onlyprofits]

Stable coins for me only serve to protect you against price variations in the cryptocurrency market. It is good to have your capital in a stable coin that has many pairs in the market and thus have the trigger ready in case you want to buy.

 

[Wisdom01]

Wow this shows that the use of digitalised stable currencies are increasing daily as more users are joining the system of crypto this is cool

 

[onlyprofits]

Wow this shows that the use of digitalised stable currencies are increasing daily as more users are joining the system of crypto this is cool

It's true, before there was only USDT, now there are many more. The USDT that serves as a basis to guide us in the exchangers that do not trade cryptocurrencies with the US dollar, but I have not used the others, since this is the one that is most traded

 

[Wisdom01]

It's true, before there was only USDT, now there are many more. The USDT that serves as a basis to guide us in the exchangers that do not trade cryptocurrencies with the US dollar, but I have not used the others, since this is the one that is most traded

You are right the usdt serve as basis to guide us and make it easier for us to trade crypto on those exchange site , I never knew about it before

 

[onlyprofits]

You are right the usdt serve as basis to guide us and make it easier for us to trade crypto on those exchange site , I never knew about it before

And now you have an excellent market on Binance P2P in Bolívares, the currency of Venezuela. Now, when I want Bolívares, I convert everything to USDT and sell it at a very good price.

 

[Wisdom01]

And now you have an excellent market on Binance P2P in Bolívares, the currency of Venezuela. Now, when I want Bolívares, I convert everything to USDT and sell it at a very good price.

Do Venezuela have a digitalised currency in their country ? because I haven't seen such in most recent exchange site have been operating for a while

 

[onlyprofits]

Do Venezuela have a digitalised currency in their country ? because I haven't seen such in most recent exchange site have been operating for a while

Venezuela has the Petro, but that is a disaster, no exchange has accepted it, it was only accepted in exchanges created by government people.