Which one do you guys like more and why I have heard a lot of negative things about USDT, so I tend to stick with USDC. What do you all think
From my experience, I appreciate that USDC is fully backed by actual assets and they are transparent about their reserves. On the other hand, USDT has been questioned about not being fully backed. Their uncertain history and lack of outside audits make me uncomfortable holding USDT for the long term
For me, USDC feels safer and more clear. Well-known accounting firms have confirmed that USDC is backed properly. That confidence is crucial for me when keeping my crypto profits somewhere stable. The downside is that USDT is used more and offers better liquidity on exchanges. Still, I prefer the safer option, even if it costs a bit more in fees sometimes. You can check out this Traders Union website for a comparison on choosing between USDT and USDC based on how you plan to use these stablecoins.
Ultimately, it comes down to risk tolerance. If you want a quick and cheap way to shift funds between exchanges and are okay with the risks, USDT might work as a temporary option. But for storing funds long term or earning yield, USDC’s fundamentals feel much more secure to me. I’m sticking with my trusted USDC.
@michaeldamans
That’s a detailed response man. Thanks for sharing
@michaeldamans
Great answer!
@michaeldamans
This is the way
@michaeldamans
What’s the point of being in crypto if you just hold dollars long term
Eastwood said:
@michaeldamans
What’s the point of being in crypto if you just hold dollars long term
It’s always good to have something set aside to buy the dips
I feel the Solana ecosystem favors USDC. I switch to USDC when I need stablecoins. Also, USDC is based on Solana. Correct me if I’m wrong.
Quillan said:
I feel the Solana ecosystem favors USDC. I switch to USDC when I need stablecoins. Also, USDC is based on Solana. Correct me if I’m wrong.
I like USDC because the logo is blue and looks cooler
@Freeman
I prefer USDC because I like the letter C more than T.
@Freeman
LOL same, everyone thinks that. We’re just honest about it
Quillan said:
I feel the Solana ecosystem favors USDC. I switch to USDC when I need stablecoins. Also, USDC is based on Solana. Correct me if I’m wrong.
What are the chances USDC loses its peg or Circle gets subpoenaed That’s an important question
Circle issues USDC, and Jeremy Allaire leads it. Can he get subpoenaed by Congress or the SEC? Yes. Will it happen? No one knows.
There’s your risk.
Pro tip Use USDC when on-chain, but for cashing out to fiat, use USDT since you will get more dollars.
Ridley said:
Pro tip Use USDC when on-chain, but for cashing out to fiat, use USDT since you will get more dollars.
This depends on how you cash out. Coinbase offers 1 to 1 redemption of USDC and no fees, so for me, that’s the best option.
@Kiran
They were also offering 5% monthly returns on USDC when I checked last.
Vin said:
@Kiran
They were also offering 5% monthly returns on USDC when I checked last.
That’s right
Vin said:
@Kiran
They were also offering 5% monthly returns on USDC when I checked last.
Is that still going on
Ridley said:
Pro tip Use USDC when on-chain, but for cashing out to fiat, use USDT since you will get more dollars.
Thanks for the pro tip
Ridley said:
Pro tip Use USDC when on-chain, but for cashing out to fiat, use USDT since you will get more dollars.
Thanks for the pro tip
Coinbase only accepts USDT on the Ethereum mainnet. They take USDC on Solana and many other chains.
No financial advice, but I wouldn’t hold a lot in either, especially not USDT. Do your own research and act wisely. Good luck.