Will Nash list Tether USDT in the near future once BTC is listed, considering the fact that it’s Omni based and has the largest volume in the stable coin market?
To fellow community members, what do you think about USDT on Nash? Thanks.
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USDT is definitely the biggest stablecoin in the space. But their inability to complete an audit and lack of regulatory compliance, I find scary. They are a huuuge risk to the crypto space, if all those USDT are backed up by equal fiat.
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We need users to get liquidity and we need liquidity to get users. Regardless of what anyone thinks about Tether there’s no denying the liquidity it offers. I’d say we add Tether simultaneously with Bitcoin, bring on the users and liquidity!!!
No harm in adding USDC, TUSD, PAX, GUSD and DAI + MKR while we’re at it but USDT has 10x the circulating supply so it makes more sense to add it first.
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Not just 10x supply, it’s daily volume is more than 100x all other stable coins.
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Which may indicate that everyone’s using Tether for trading and the rest for hodling… (as they’re presumably more trustworthy)
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Regulatory constraints might be a major barrier to including USDT pairs on Nash. It is a good question to get clarity on by Fabio, Ethan, Fabian @fabwa @canesin @ethan
Apologies if this has already been clarified elsewhere.
I’d assume that in the eyes of the regulators there’s not much difference between USDC and USDT
Some clarification from the team would be great though.
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There is a big difference between USDT and USDC:
USDC publishes quarterly audit reports to prove reserves, USDT does not
USDC has strict KYC/AML, USDT does not
USDC can be easily redeemed if criteria are met but USDT has never been redeemed directly from tether (if it has it is not public knowledge)
The biggest issue from a regulatory standpoint is the lack of AML checks. Unsure if/how exchanges themselves are affected by this.
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There is absolutely no way to redeem USD from USDT , it’s stated very clearly in every official document USDT related.
It’s a pure scam and everyone knows it basically.
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It certainly does not indicate that at all
The probability of USDT being a scam is high yes, however on the slim chance that it’s not a scam is it really worth excluding ourselves from a $10,177,122,821 USD a day market? (bear market figures)
Think about it in an amoral sense USDT is a tool there for users to utilise at their own discretion based on their own appetite for risk. Regulation is one thing that’s basically beyond our control so if the regulators say no to USDT then fine we don’t have a choice and carry on trading. However if regulators have no opinion on USDT why exclude ourselves from a market that large? So I still think it’s worth getting the team to respond, assuming they know what the regulators stance on Tether is.
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To reiterate my previous point, here’s crypto zombies take on it, basically he points out the pro’s and con’s of using Tether outlining it’s risks and usefulness as a hedge when volatility shows up.
Care to suggest what it might indicate? That they all have less liquidity?
I prefer Nash’s cautious approach. I’d rather not be exposed to something as dodgy as tether. After Tether slipped to $0.90, even Binance began to introduce alternative stable coins as did Coinbase. I think the tide is turning and a company like Nash should be encouraging changes in our demand, rather than doing something simply because everybody else is.
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Fair point.
Your preference is irrelevant to what the market wants.right now, the big volumes are on tether pairs. if nex can do without this, we will see with time
For people wondering why USDC is preferred, I’d recommend listening to this podcast with Circle’s CEO.
They have a great history in tech, payments, are audited by Grant Thornton (big time Accountants) and have a market making program. USDC has a great network where you can redeem the token at places including Coinbase, Circle and many other exchanges. They also share the same values regarding the tokenisation of everything, including securities.
Maybe Nash will list multiple stable coins but this may dilute/cannibalise liquidity. USDC is a great choice in my opinion.
Try to see a few years ahead, not just directly in front of you.
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This is why Nash should stay as far away from tether as possible. They basically just admitted that their 1 to 1 (Tether to USD) might not be 1 to 1, but 1 to 1 “cash equivalent”.
Who’s determining the value of the “equivalent” assets. The whole panel is flashing red with alarm bells here…
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I’m glad nash uses usdc, it’s the right reputable way.
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@canesin, Tether is making USDT available on the Tron blockchain. Does this impact/change the likelihood that USDT will be made available on the Nash platform at some point in the future?
Does the community have any opinion on this?
Thank you for your input 