BUSD

Django_McFly

You're mad because BTC is "only" over $90k and the horrors of 400% gains in two years. How quickly we forget that the Biden admin was trying to destroy defi. Paxos does the most audits of any stablecoin provider and even that wasn't good enough for the Biden admin. They ordered BUSD be destroyed. They were suing companies like Kraken for offering staking. The IRS was going after individual citizens who were staking. They cozied up to the biggest scammer in history and when that blew up on them, there reaction wasn't, "we should have done more due diligence." No, the reaction was, "fuck it, let's burn the whole damn thing to the ground!" They went after the most legit and compliant of actors. They had already come for stablecoins and were about to issue a knock out blow. I can't in any world see how the party that was literally trying to destroy the industry/technology was going to flip the switch. Flip the switch when they won and people voted for the anti-crypto army. It would be a nightmare for crypto had they won. They were literally running on making it a nightmare for crypto. Destruction of the industry is way way way way worse than having a grifter co-sign it. Obvious grifters are actually pretty easy to ignore and avoid.

jesser9

Because you can't move your BUSD without gas to pay for fees in a wallet. If you sent your BUSD without also sending yourself some BNB afterwards, your BUSD would be stuck.

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Post is by: Puzzleheaded_Fuel230 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1q4zguf/help/ I recently realized I had an account with binance.us opened during the pandemic I have about 1000 dollars in BUSD that are stuck and I don’t know what to do with it Please help *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

jawni

You have google where you can easily find the answers, you have plenty of AIs that can easily compile the info for you. Why do you need me to do something so simple for you? Do you actually want to learn about this shit or are just upset that Trump actually did something right for once? Custodia Bank: Founded by Caitlin Long, Custodia was designed as a "bridge" bank for the digital asset industry. It was denied a Federal Reserve master account and membership in the Federal Reserve System. Long has argued this was a result of a coordinated "hit job" by regulators to prevent a compliant link between crypto and the U.S. dollar. Signature Bank & Silvergate Bank: Both were the primary banking rails for the U.S. crypto industry (via their Signet and SEN networks). While both faced liquidity issues during the 2023 banking crisis, many industry experts—including former Congressman Barney Frank—alleged that Signature was seized by regulators despite being solvent to send an "anti-crypto message." Circle (USDC): The issuer of the second-largest stablecoin faced a major crisis when its reserves at Silicon Valley Bank were frozen during the bank's collapse. Proponents of the Chokepoint 2.0 theory argue that regulators intentionally discouraged other banks from taking on Circle’s deposits to "choke" stablecoin liquidity. Dapper Labs: The creators of NBA Top Shot and the Flow blockchain reportedly had several banking relationships terminated or "paused" without specific cause in early 2023, leading to disruptions in their payment processing. Protego Trust & Paxos: Both firms sought national trust charters from the OCC to provide regulated crypto services. Protego's application was ultimately denied after a long "wait-and-see" period, and Paxos faced a high-profile "Wells Notice" from the SEC regarding its BUSD stablecoin, which led to a severing of its relationship with Binance and various banking hurdles. Sam Kazemian (Frax Finance): Reported that his personal accounts at JPMorgan Chase were closed. When he asked for a reason, he was told the bank "cannot do business with anyone whose primary source of wealth is crypto." Jesse Powell (Kraken): The Kraken co-founder has documented numerous instances where both the exchange and its leadership faced sudden account terminations by major "bulge-bracket" banks. Uniswap Labs: Founder Hayden Adams reported that his primary bank accounts were closed with no notice or explanation in 2022. This served as an early warning sign for the industry regarding the "guilt by association" for decentralized protocol developers. Anchorage Digital: In late 2024 and early 2025, reports emerged that Anchorage—a federally chartered crypto bank—was told by partner institutions that accounts would be closed because banks were "not comfortable" with the transactions of their crypto-native clients. Marathon Digital (MARA): CEO Fred Thiel testified before Congress in February 2025 about the extreme difficulty Bitcoin mining firms face in maintaining basic operating accounts for payroll and utilities, despite being a NASDAQ-listed company. Tornado Cash (Roman Storm): Co-founder Roman Storm reported being debanked repeatedly—even as recently as late 2024—while fighting legal charges. He noted he had lost count of how many times he had been "derisked" over the last 2.5 years. Gemini & Winklevoss Capital: Tyler and Cameron Winklevoss stated that they, their venture fund, and their exchange lost "more bank accounts than you can count on two hands" due to their involvement in the sector. Coinbase Employees: CEO Brian Armstrong has documented cases where mid-level employees at Coinbase had their personal checking and savings accounts closed. The justification often given was a vague "risk appetite" change, though it only affected those in the crypto industry. Marc Andreessen’s "Thirty Founders": In a high-profile 2024 interview, venture capitalist Marc Andreessen stated that at least 30 tech founders in the a16z portfolio had been secretly debanked over a four-year period, describing it as a coordinated use of the financial system against "political enemies." Propy Inc. & Natalia Karayaneva: The CEO of Propy (a real estate blockchain firm) reported being debanked twice—once for her company after seven years of handling millions in transactions, and personally in November 2024, shortly after the U.S. election. She described it as humiliating and linked it to broader anti-crypto hostility masked as "reputation risk." Ripple Labs (Brad Garlinghouse): The CEO of Ripple was personally debanked, as detailed in a November 2025 House Financial Services Committee report on Operation Chokepoint 2.0. This was part of a pattern where executives in the sector faced abrupt personal account closures without clear justification. Off the Chain Capital (Brian Estes): In November 2024, the CIO reported that JPMorgan debanked all its crypto clients except Coinbase, including his firm—a blockchain investment company. This left them scrambling for alternatives despite no violations. Strike (Jack Mallers): The CEO of Strike (a Bitcoin Lightning Network payments firm) reported debanking incidents in late 2025, amid broader claims of banks citing "risk management" to avoid crypto ties. This aligned with freezes on other stablecoin-related accounts. BlindPay & Kontigo: These Y Combinator-backed stablecoin startups had accounts frozen by JPMorgan in December 2025. Triggers included chargebacks and activity linked to sanctioned regions like Venezuela, but critics argued it reflected anti-crypto bias rather than pure compliance. CoinFund (Jake Brukhman): The founder and CEO was debanked in 2023-2024 from a 25-year-old personal account due to his involvement in the crypto investment space, which he attributed to Operation Chokepoint 2.0 pressures. Bankless (Ryan Sean Adams): The co-founder was debanked by Bank of America in 2019 for Coinbase transactions and running a Cosmos staking service. This was followed by SEC threats, leading him to shut down the business and pivot to DeFi advocacy. Quit (@0xQuit): A Solidity developer and former VP at Yuga Labs reported multiple debankings from 2013-2016, including account closures by banks, a Venmo ban, and even Coinbase shutting him out, all tied to frequent Bitcoin transactions. Farmington Bank (Moonstone Bank): In August 2023, the Federal Reserve issued an enforcement action against this bank for its stablecoin ventures, including ties to Alameda Research and Sam Bankman-Fried. It was forced to wind down crypto-related operations. Cross River Bank, Customers Bank, & Lead Bank: These fintech and commercial banks were highlighted in 2025 analyses as key targets of regulatory debanking under Operation Chokepoint 2.0. They faced FDIC "pause letters" and deposit caps (e.g., 15% on crypto-related funds), leading to widespread client terminations despite serving mostly B2B crypto firms with no retail exposure. Trump Family Members: A December 2025 House Oversight Committee post referenced debanking of Trump family members alongside crypto companies and tech founders, as part of federal regulators' alleged pressure campaigns without due process. Crypto Asset Management Firms (General): A 2025 House report noted that about two-thirds of crypto-focused asset managers (even those with traditional strategies) struggled with banking access, compared to minimal issues for non-crypto firms. This included denials for basic services like payroll.

Hidden5G

BUSD got shut down because regulators told Paxos, the company that actually issued it to stop minting new tokens in early 2023. Paxos cut ties with Binance, no new BUSD has been created since, and the supply has been shrinking ever since. Existing BUSD is still backed and redeemable, but the stablecoin is basically being phased out. It’s a dead product on a slow countdown.

kernelangus420

How about BUSD (Binance USD)?

AutoModerator

Post is by: Crypto_Sepharial and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1og8lor/stablecoins_tokens_are_not_crypto_assets_they_are/ Many ppl in the crypto space thing stablecoins are crypto- They are not. Stabecoins are not crypto- they are digital, but not crypto assets. The stable coins are the equivalent of "agent coins/tokens" inside the crypto space. You cant make any signifcant profit from them and they are allegedly backed by US Dollars by third party entities. In some cases you can lose money with a "stablecoin"- yes its possible. This defeats its inherent purpose & nature by default. But why are they here in the crypto space? Wel the stablecoins we know of today: USDT -Tether (est 2014) USD- USD Coin ( est. Sept 2018) TUSD- True USD (est Mar 2018) GUSD- Gemini USD ( est 2018) BUSD- Binance USD (est 2019) Notice all of these are late comers to the crypto spce and come out roughly all at the same time. Introduced by NSA. How did they get into the crypto space? By the crypto exchanges. The later iterations of stablecoin names says it all as they were named after the exchanges that pushed the stablecoins/tokens. Digital stablecoins have nothing to do with crypto but are there to promote the adoption of digital currency allegedly pegged to the US dollar. Again, this is not crypto nor how crypto operates. Fast forward: The Genius Act signed by Trump 7/18/2025. Alleging to make America the leader in "Digital Assets" - (not crypto). The word Crypto is used 3 times and always referenced to Digital Assets aka stablecoins. Trump ran on a platform of being a crypto friendly President but that was smoke and mirrors as his Genius Act doesnt concern itself with crypto- but instead "DIGIAL ASSETS" like stable coins. The GENIUS Act doesn’t *replace* the U.S. monetary system, but it **augments and reforms** it by formally including **stablecoins** as recognized, regulated digital money-equivalent instruments. It accelerates the digitization of the payments system, gives banks and fintechs new issuance channels, and could significantly shift where and how money flows globally. In doing so, it potentially strengthens the U.S. dollar’s dominance and positions U.S. financial infrastructure at the center of the future digital-asset economy — but it also exposes the global economy to new dynamics of money flow, capital mobility, and cross-border payment friction. How smoothly this transition occurs—and how well risks are managed—will determine whether the outcome is **innovation plus stability** or **disruption plus instability**. In short expect big swings in crypto should the stablecoin volume be disrupted as the total supply of stablecoins is always changing (increasing) to allow it to be intriduced into the global economy. The equivalent of a digital money printer = stabelcoins. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

hyrootpharms

Nah, CZ just pulled a Terra Luna, and 19 billion in options got liquidated in seconds when the binance stable coin BUSD that backs the order book hit 65 cents. Bitcoin is still above 100k.

whatwilly0ubuild

The trust model is completely different between USDT/USDC and something like UST, honestly. UST was algorithmic bullshit that relied on market incentives and basically magic to maintain its peg. USDT and USDC are supposed to be backed by actual dollars and treasuries, though the reality is more complex. Our clients building DeFi protocols deal with stablecoin risk constantly and the main difference is regulatory oversight. USDC is issued by Circle which is regulated as a money transmitter and has to publish monthly attestations from actual accounting firms. They claim full backing with cash and short term treasuries, and so far the audits have backed that up. USDT is where shit gets sketchy. Tether has had ongoing transparency issues for years and their backing includes commercial paper and other assets beyond just cash and treasuries. They've been fined by regulators multiple times for misleading statements about their reserves. But they're still the most liquid stablecoin so people keep using it. The key thing is these aren't algorithmic like Terra was. When UST collapsed it was because the whole Luna/UST arbitrage mechanism broke down in extreme market conditions. With USDT/USDC, the risk is more traditional, like the issuing company going bankrupt or their bank custodians having problems. Regulation is actually helping here. The EU's MiCA framework and proposed US stablecoin legislation would require full backing and regular audits. Some states already have this, New York's NYDFS requires dollar-for-dollar backing for BUSD and other approved stablecoins. From a technical standpoint, USDC is probably safer than USDT because Circle is more transparent about their reserves and regulatory compliance. Our customers processing payments usually prefer USDC for that reason, even though USDT has better liquidity on most exchanges. But yeah, you're right to be skeptical. At the end of the day you're trusting a private company to maintain proper reserves and not get shut down by regulators. The systemic risk is way lower than algorithmic stablecoins but it's not zero. For serious money, most teams keep the bulk of their stablecoins in USDC and only hold USDT for trading liquidity when needed. The regulatory clarity around USDC makes it the safer long term bet even if USDT dominates trading volume right now.

Hungry-Class9806

Convert it into BTC, ETH, BUSD/USDC/USDT -> send it to your CEX account -> Spend the tokens with your crypto credit card or send it to your bank account via Wise or Revolut. That's what I do to buy things with my staking rewards.

Own_Entertainment164

Binance.US offers commission-free trading on select Bitcoin (BTC) and Ethereum pairs. The specific pairs are BTC/USD, BTC/USDT, BTC/USDC, BTC/BUSD, ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD. Can you try converting your USDT into one of these, and then converting it into fiat?

ddc703

One would assume Satoshi's wallet is the most hacked wallet in existence. To this day, it has not been touched. Not one coin out of almost $100BUSD. This, if anything else, should be proof to anyone regardless of their knowledge of BTC, of the secure nature of BTC.

Got2Bfree

I once used a defi tool on the cosmos chain to transfer BUSD from the binance chain to cosmos. The UI showed the correct address, my ledger hardware display which I didn't look at, showed the wrong address which was a bug in their code. My funds were sent to a dead wallet. The devs reimbursed me, but since then I've been paranoid.

GreenStretch

What does it add? Tether is the giant and may possibly have faked it until it made it. USDC is the regulated stablecoin and DAI is the decentralized stablecoin that seems to have had a massive surge lately. How many stablecoins do we need. There was BUSD at one time. Look how many we have: [**https://coinmarketcap.com/view/stablecoin/**](https://coinmarketcap.com/view/stablecoin/)

Himanshu811

I see your point. The thing is transfers made from exchange to exchange wallet. There is no individual wallet address that you can send the money back to. I tried to find the sender wallet, but it was some large BUSD wallet, likely from exchange. But the guy on Telegram showed me the transaction screenshot with the correct transaction hash.

TripTryad

73.63% is the high on Tradingview if you use the BTC.D ticker. Of course things are going to vary depending on source, but I prefer to use tradingview for consistency. In any case using tradingview with: CRYPTOCAP:BTC.D*CRYPTOCAP:TOTAL/(CRYPTOCAP:TOTAL-CRYPTOCAP:USDC-CRYPTOCAP:USDT-CRYPTOCAP:DAI-GLASSNODE:BUSD_MARKETCAP) For the dominance minus many stables you get a high of 75.93 Dec 20th 2021. It should all be relative for the most part however. The real point is that we have some distance before we even hit the level we hit last cycle, so I assume theres more room for it to rise.

Zestyclose_Intern404

nop not really end of story. It will get converted to BUSD, and also why TF Binance? Why not get a ledger or a trezor instead?

beerissweety

BUSD was pretty cheap when it came to trading

ThatInternetGuy

If you know BUSD from Binance, you'll understand that Binance could **RENT** billions dollars worth of US treasury bills managed by Paxos to back their so-called BUSD. Binance didn't own those treasury bills. They rent it. It's a loophole.

Str41nGR

You think those BUSD's just print themselves?

cyger

NYDFS can take it away as well. They took away the approval for Binance dollar (BUSD) in 2023. RLSUD better keep things straight. > (The NYDFS is the proverbial "gold standard" of regulatory jurisdictions, in case you weren't aware)

HSuke

https://help.coinbase.com/en/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/recover-unsupported-crypto Use this. Coinbase doesn't support BUSD. Always check first.

kwestro

Coinbase doesn't use BUSD. It's gone. BUSD stands for Binance USD. You should have sent it to Binance.

skonezilla

Didn't binance end BUSD?

Le_Mot_Phoebus

They still hold BUSD? What a hodler!

Mysterious-Employ-75

As many others here I got my 4.7k BUSD locked because I missed the warning and it is impossible to buy BNB to pay for the swap transaction. It is a crazy situation and I appreciate people helping other people in trouble in this thread! Looking for about 0.005 BNB on beacon chain to pay for gas. If someone can lend or sell it to me, please reach out! Or just send it to bnb1dl86fgvkv2e5lcys2crq69jth9jyy2pha6s47s

Mysterious-Employ-75

As many others here I got my 4.5k BUSD locked because I missed the warning and it is impossible to buy BNB to pay for the swap transaction. It is a crazy situation and I appreciate people helping other people in trouble in this thread! Looking for about 0.005 BNB on beacon chain to pay for gas. If someone can lend or sell it to me, please reach out! Or just send it to bnb1dl86fgvkv2e5lcys2crq69jth9jyy2pha6s47s

HSuke

This is almost certainly a scam. Binance already had a stablecoin, BUSD, which they stopped supporting. BFUSD is not affiliated with Binance. Please provide source if you disagree.

ThatInternetGuy

Paxos is already behind USDP and BUSD stablecoins. These guys don't have much credibility in the eyes of US regulators.

I_PING_8-8-8-8

Tether is clearly controlled by the US elite, serving US interest. Otherwise the US would have long taken it down. And I mean why not? CIA agents using crypto in the field is much better then smuggling in cash in brief cases no? The Chinese middle class using Tether to escape Chinese capital control, what better way of getting a deep insight into them? Tether has admin keys on almost every chain, so any Tether in any wallet can be frozen. Whomever controls Tether can also manipulate the Bitcoin price. If needed, lots of Tether can be made out of thin air to buy up Bitcoin during big crashes to stabilize the price. Tether also works closely with all the big exchanges. Binance, got owned by the US government and what did it do? Remove a lot of USDC support and BUSD is gone but Tether ... Tether still rules. So Tether is clearly acting like a central bank, with all the exchanges acting like local banks. Just like how the US banking system works. The obvious conclusion is that Tether is working for the US, and that through Tether the US has a lot of control over crypto to make sure it never becomes a threat and to make sure crypto helps serve US interests.

coinfeeds-bot

tldr; Stablecoin issuers Tether and Circle have blacklisted wallet addresses linked to the North Korean hacker group, Lazarus Group, containing $4.96 million in various stablecoins including USDT, Circle, TUSD, and BUSD. This action is part of broader efforts to combat crypto-related illicit activities, with a total of $6.98 million frozen from addresses connected to the Lazarus Group. The move demonstrates the evolving efforts by the crypto community to address and mitigate the impact of illegal activities in the ecosystem. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

DaRunningdead

they no longer support BUSD

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

josef3110

Which - actually - means nothing. Balance of stable coins can change swiftly and fast. As was shown with BUSD last year.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Django_McFly

BUSD was on a massive rise in market cap and was looking like it could seriously challenge USDC's #2 spot and then the SEC lawsuit destroyed it, claiming it was an unregistered security. It gets wound down and has been fading to irrelevance ever since. Like a year later they drop another case about BUSD, deciding that it totally isn't a security at all. Shameless

coinfeeds-bot

tldr; The SEC has ended its investigation into Paxos, a New York stablecoin issuer, regarding the dollar-backed BUSD stablecoin issued in partnership with Binance. This decision, communicated by the SEC's crypto assets and cyber unit, marks a significant win for the crypto industry, particularly the stablecoin sector. The investigation's termination follows a partial defeat for the SEC in a lawsuit against Binance and suggests that stablecoins, in most cases, may not be treated as securities. This development is seen as a relief for Paxos and could bring more certainty to the market, potentially accelerating partnerships with companies like PayPal. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; The US Securities and Exchange Commission (SEC) has concluded its investigation into Paxos, the issuer of the Binance USD (BUSD) stablecoin, without taking any enforcement action. This decision comes after a year of scrutiny following a Wells notice that hinted at potential enforcement over Paxos' involvement with the dollar-backed BUSD. A recent federal judge's ruling supported Paxos' stance that BUSD sales did not violate securities law. Paxos, which also issues other regulated digital assets, views this outcome as a positive step towards broader stablecoin adoption, emphasizing the potential of well-designed stablecoins to enhance the financial system. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

coinfeeds-bot

tldr; The US Securities and Exchange Commission (SEC) lost its bid to classify BNB, Binance’s native token, and the Binance USD (BUSD) stablecoin as securities in secondary market sales, according to a court ruling. The court found the SEC's argument that BNB tokens represent investment contracts throughout their lifecycle insufficient, emphasizing the need to consider the specific details and context of each secondary transaction. This dismissal could influence other cases involving crypto exchanges and is seen as a win for the broader crypto industry, despite the court siding with the SEC on other aspects of its lawsuit against Binance. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

xrm4

I'm confused. Compare EURD to BUSD: - They're both backed 1 to 1 to the currency that they're pegged to. - They both follow strict regulatory frameworks to ensure that their value is protected. - They both operate on blockchain technology. Yet we categorize BUSD as a stablecoin and EURD as digital money. From my perspective, there really isn't much difference between these two products other than the regulatory frameworks which they follow.

TeslaElon69420

Why did you buy a stablecoin? (BUSD) Lmao

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

WasMitDeKohln

Can somebody send me 1$ in BNB for gas to my metamask. I have 190 BUSD on it but can’t move, Will send 5$ back. BSC: 0x2c5E27E0C527Df80199ac54c39015873428454f8

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

TotallyNotAHostage

Hey, all. I have a decent amount of BEP2 BUSD on Trust Wallet and I don't have enough BNB BEP2 for the transaction fees. I tried to swap some BEP20 BUSD over to BEP2 but that's not working, and neither is swapping the BEP2 BUSD for the BEP2 BNB. Can anyone tell me how I can get some BEP2 BNB? Or alternative solutions? I don't have a Binance account. I don't want to use that Transakt or whatever it's called, Reddit doesn't seem to like it much. It's only like five bucks, maybe if someone could spot me some it'd be great. Will pay back if you'd like.

jeetsstizzard

Try USDC. They've been open about their reserve backing and do monthly attestations from top accounting firms. The downside is it's still heavily USD-based, so not a perfect hedge if you're worried about the greenback going down. Another good option is DAI, which is a bit different since it’s a decentralized stablecoin. It is backed by a mix of other crypto rather than fiat money and it is managed by the MakerDAO community. The code is open source and there's no central issuer, so it avoids a lot of the centralization risks. The downside is the complexity of the system and it can be unstable during extreme volatility. There is also BUSD. Like USDC, it’s backed by US dollars held in FDIC-insured American banks. Also, it's issued by Paxos in partnership with Binance and is regulated by the New York State Department of Financial Services. Just a piece of advice, when I am figuring out which stablecoin to use, I spend a lot of time on the Traders Union. This page has tons of expert reviews and comparisons, where you can pin down the pros and cons of each stablecoin. They break things down in an easy way, which is awesome. No matter what though, make sure to do your own research!

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

YogSothothIsTheKey

I want to say thank you to CZ,he protect Binance users funds for real,safu wasnt a lie.Thats a big difference with SBF and FTX.Theres no innocent in this sector I think,probably any or almost all the Ceo of exchanges,brokers,market makers,hedge funds etc etc have dirty hands,but at least we can absolutely say with proud CZ WORK GOOD.He open the first bigger crypto exchange in the world,bringing on board millions of people in this sector.He dismiss and delete his stablecoin BUSD without users loss their money,doing gradually without a depeg after the law problems with SEC.He protect users money in general quitting his job and collaborating with the US government about his lawsuit of money laundering.He wasnt forced to go to US,he's not an american citizen,but he know that choice was bad for Binance so he didnt escape or other shit.So thank you CZ for all what you did to improve our communty and all good work.Good job,we well see to the moon!

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Dark_Raiden_

Wtf r u doing with BUSD then lol. Go on DEX on Ur wallet and swap it out for WBNB or something. Cmc says there's a few pairs on pancake swap with enough liquidity

Fair_Raccoon9333

Why not just look up BUSD's price on CMC or Coingecko like a normal human being?

OptimusChaim

Wow, just been checked out for a while and saw BUSD had some happenings, literally just wanted to know if i lost my money, as it is pretty easy to do in this space.

OptimusChaim

If i still have BUSD in a wallet, is it possible to change it to another coin or am i SOL?

BlackMagic_19

I know what happened. BUSD isn’t tradable anymore. The exchange rate is not 1:1. Wherever you try to swap it, it will give a few dollars for thousands.

Swerve99

nope. seamless bridge i’ve moved hundreds of thousands through. always fair fee structure and it’s easy to see exactly what will show up on the other side of the bridge. betting you fucked somthing up. also you don’t bridge BUSD to USD. you bridge assets from blockchains to different blockchains.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

theultimateusername

Depends on the exchange; some give you the ability to exchange and withdraw fiat directly to your bank account, some give you P2P options. I used to use Binance's BUSD till they winded it down, now USDT seems good. I make a lot of P2P trades too. Also depends on your holdings, a small cap could drop 20x while BTC is considered very stable in comparison. Depends on your goals really.

Drogon__

Regulated stable coins that get audited by reputable firms regularly? Let's see: USDT (their auditors are a little sketchy but alright) USDC (i'll give you that one) GUSD(That barely has any traction and has legal troubles) PYUSD(It's serving only Paypal and it isn't used in DeFi) BUSD(With Binance lawsuits it's almost dead at this point) As you can see there isn't any meaningful competition for a compliant and regulated USD stablecoin.

chaosdragon-

I invested in a token which has certik KYC silver its a new token and they dont have staking system but they have another system similar to it but ur tokens wont be locked instead they will share 10% of their company revenue for those that signs for the program and get BUSD every month BUT if u sell 1 token ( 1 cent ) u will be removed from the program and they require a ID verfaction My question is should i join the program ? And share my ID ? The company does exist and licensed in their country ( UAE-dubai ) and they will be presnt in Expo showing their project which helps deaf people

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

bobbyv137

Because they can't control it. They have no control over how much USDT is 'minted' thus added to the ecosystem. This massively impacts liquidity. Tether is owned by iFinex, which is based in the British Virgin Islands. It reeks of FTX. It's the largest stablecoin by market cap, and undoubtedly the most prominent pairing within 'crypto'. And the fact its closest competitor is USDC gives TradFi even more reason to be against USDT. USDC is issued by Circle, which is an American company. Circle has deep ties to Coinbase, who are custodians for most of the ETFS, and again, an American company (in this case, publicly listed). Why would TradFi/the US gov/Blackrock etc. want most of the liquidity (thus control) going through USDT when it could be USDC? It's the same reason they took down BUSD, and ultimately went for Binance. It's coming. The first sign will be Coinbase delisting USDT pairs and moving over to USDC. Remember: none of these entities are your friend, be that Circle, Blackrock or Coinbase. They all ultimately want to control as much as they can. The simple fact that most of the ETFs have Coinbase as custodian is a massive risk vector. Matthew Kratter of Bitcoin University rightly points out it's only a matter of time before the US gov seizes Coinbase's assets. Imagine the scenario: Bitcoin goes to $1m per coin as the dollar is inflated away. The Fed put Bitcoin on their balance sheet. The US gov seizes all the Bitcoin held by Coinbase, converts it to US dollars, and the price of Bitcoin goes up 5x soon later (not overnight, but not far off). It's all coming. It's just a case of when.

liquid_at

because in this scenario, no one traded that market. Since a lot of people actively trade and some of them actively do arbitrage, it only works in a reduced capacity and only for a short time. But when you trade one market, it has absolutely zero effect on any other market. If you buy BTC via USD, it will not affect the exchange rate for USDT, BUSD, .... whatsoever. Each market only affects itself. The balancing between those markets is arbitrage.

KriptoInvestitor

America stepped in, BUSD was issued by NYC company Paxos and US wanted them to cease issues of new BUSD crypto currencies for Binance, there was a time when US went all on on Binance and wanted to stop their operations full time, thankfully they only had authorities on Binance us, if they have shut everything off, that would've been very chaotic

just4dota

What happened to BUSD ?

KriptoInvestitor

I held million euros, not a single time did I get any issues or felt the cex might go bankrupt, the only time I was under pressure was when I held USDC and the value of USDC went down, too bad there isnt BUSD anymore

Guru_Salami

Is this controlled demolition of USDT, same happened to BUSD not long ago Why do we even need stables, can't exchanges use usd? Some do but most of exchanges seem to have stable pairs

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Wayne2018ZA

I don't know bro, it looks clearly like $8283 to me. Remember BUSD is/was pegged to the USD.

Objective_Digit

https://assets.ctfassets.net/vyse88cgwfbl/24G4DuQ0HE7h7EQE6vGy4J/8a8a170edf687ea07b3f86048af8b87b/ESO.03.01_Std_ISAE_3000R_Opinion_31-03-2023_BDO_Tether_CRR.pdf >You're using tether's importance in the crypto space as a reason for its continued importance. Where did I say it was important? You're the one who seems to think it's crucial. >Just to answer the question straight: USDC, BUSD, and TUSD. They are fully audited and are much more trustworthy than tether. Now give me your sources.

GullibleMacaroni

Please send any proof that it was an audit. I looked it up, and it was definitely not an audit. > what would you sell your bitcoin for? That's a bit of circular reasoning, no? You're using tether's importance in the crypto space as a reason for its continued importance. Just to answer the question straight: USDC, BUSD, and TUSD. They are fully audited and are much more trustworthy than tether.

Objective_Digit

It was an audit. >because the other stablecoins cannot fill the vacuum that tether would leave behind. The next biggest stablecoins- USDC, BUSD, and TUSD- do not print money like tether and there's no way they would find the funding to back $100B worth of new coins. Again. Unless the exchange offers fiat what would you sell your Bitcoin for? And why is a better question.

GullibleMacaroni

Yeah, no. It was not an audit. It was just a report that tether made themselves and released via a third party to earn some sort of legitimacy. Tether has never been fully audited in its 10 years of existence. > what are people going to sell their Bitcoin for if there's no dollar placeholder? That's why a tether implosion will be catastrophic. Everything in crypto will be affected, because the other stablecoins cannot fill the vacuum that tether would leave behind. The next biggest stablecoins- USDC, BUSD, and TUSD- do not print money like tether and there's no way they would find the funding to back $100B worth of new coins.

nanooverbtc

Are you sure crypto.com supports BUSD-T stable on the network you sent on?

antaran

You are not looking at the minting of the Tether, you are looking at the market cap of the circulating supply. This does not equal minting or "printing". Tether keeps several billions of minted coins in their wallets as reserve and uses them in chunks of hundreds of millions when they please. Aside from that, Tether is not the main coin used for the washtrading pumping of BTC. Binance usually uses their own coins for this. In earlier times it was BUSD and TUSD, now it is FDUSD. As you can see on [coinmarketcap](https://coinmarketcap.com/currencies/bitcoin/) the largest trading pair for BTC is for FDUSD. FDUSD is a Justin Sun connected coin with a market cap of ~3 billion but a 24h volume of a staggering 24 billion USD. Meaning every FDUSD in existence is traded 7 times a day I am not going to explain to you what this means. Tether only comes into into play to stabilize the peg of the current pumping coin.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

liquid_at

there isn't one market, but multiple markets. BTC-USD, is different from BTC-USDT and different from BTC-BUSD etc. Any market can internalize trades without them affecting the price. But the sum of all markets is what decides what price it trades at. So, no, that's not an effect ETFs have. Either it existed without ETFs or it does not exist with ETFs, but ETFs play no role here.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

RawDick

Who the fuck buys BUSD like it’ll pump 20% next year?

benonabike

Why don't you distribute the $1000 based on the combined market cap of the top 10? If you were to do that, you'd be buying $677 of BTC and only $6 of DOT. By spending $100 on both, you're underweighted on BTC by 6x and overweighted on DOT by like 16x. Result is that it creates situations like this month you actually perform *worse* than the average crypto market because you're super heavily weighted in tiny alts compared to BTC and ETH. The flip side, though, is that on a run of alts you'll see outsized returns. Just as an exercise, here's what the distribution based on market cap would look like based on the current market caps: Feb 16, 2024 \[Symbol - Mcap prices - % of total - distribution\] BTC - $1000B - 67.7% - $677 ETH - $336B - 22.8% - $228 BNB - $54B - 3.7% - $37 XRP - $30B - 2% - $20 BUSD - $0.08B - 0.005% - $0.05 DOGE - $12B - 8.1% - $81 ADA - $21B - 1.4% - $14 MATIC - $9B - 0.6% - $6 DOT - $9B - 0.6% - $6 LTC - $5B - 3.4% - $34 Total MCap = $1,476.08 B

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

funkinaround

Market makers are in the business of trading on the bid and ask to collect the spread between them. They are not in the business of operating stablecoins. There are other stablecoins out there: USDC, DAI, TUSD, FDUSD. No one uses them unless they are liquid enough to be useful. Tether happens to have most of the liquidity and pricing prevalence. It's a first mover advantage + people pulled out of USDC due to SVB exposure + BUSD is effectively shut down. Tether simply lasted longer.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Far-Scholar9028. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.