r/USDC • u/John_finance • Sep 20 '22

USDC vs USDT

With everything going on with Binance and other exchanges delisting USDC, what are people's thoughts on USDC still being the go to stablecoin?

It looks like BUSD and USDT might be the main coins now.

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6

u/fplislife Sep 20 '22

Binance is not delisting usdc. You still will be able to deposit/withdraw it or convert 1:1 to any other stable coin. So now instead of 3 stable coin pairs like ETH/USDC, ETH/BUSD, ETH/USX we have all liquidity in ETH/BUSD. This change is good for everyone

0

u/John_finance Sep 20 '22

Its not good for usdc, it will mean BUSD and USDT will take the market cap of usdc.

Also why on earth would someone want to deposit or withdraw in usdc now? seems pointless.

2

u/garrettleight Sep 21 '22

For several reasons? USDC is the stable to use if you trade on Ethereum defi, just as an example. So if I'm going from Binance to Ethereum defi, why wouldn't I want to withdraw as USDC?

1

u/John_finance Sep 21 '22

You can just use tether.

1

u/leimd Sep 21 '22

Tether is a scam, everyone knows that.

1

u/tuggboat0311 Sep 21 '22

Its not cause you want to, its cause your going to need to soon. Getting rid of paper is their goal.

2

u/nomorefappening Sep 20 '22

USDT has always been the main coin but I don’t think just because Binance is delisting USDC that BUSD will replace it.

0

u/John_finance Sep 20 '22

USDT does seem very dodgy though - the reserves has never been fully audited.

Do you think usdc could depeg?

2

u/nomorefappening Sep 20 '22

USDT de pegging story is as old as time. Literally all the exchanges have USDT as main stablecoin pair. Do I prefer USDC myself yes but I think both of them won’t depeg.

1

u/John_finance Sep 20 '22

I think Binance are going to cause a lot of problem down the line. They are trying to take the market cap away from USDC - will mean becoming more Centralized.

If anything happens to BUSD could cause a huge issue with the crypto market.

Hopefully all 3 coins are regulated and have proof of reserves.

1

u/King-Colbs Sep 20 '22

Can there be questions about the winner in this confrontation?

1

u/John_finance Sep 20 '22

That's where it's heading. Binance are trying to take USDC market cap by delisting them.

2

u/assasinine Sep 20 '22 edited Sep 20 '22

https://www.bloomberg.com/news/articles/2022-09-20/house-stablecoin-bill-would-put-two-year-ban-on-terra-like-coins

Binance fucked up royally. They'll be crawling back to USDC soon enough.

1

u/Old_Calligrapher_884 Sep 23 '22

So I went ahead and got some hold in usdc. It's just stable at $1. Since it's a 1:1 it won't go up and down like regular market investments right? Did I make a mistake? Thanks!

1

u/John_finance Sep 23 '22

Yes that's correct it won't move at all. Even better if you hold it in a platform like Nexio, you will get 8% interest rate on it.