Trust for Stablecoins: USDT is Top Choice for 38%
Too Long; Didn't Read
The recent de-peg of USD Coin (USDC) has highlighted a flaw in the design of fiat-backed stablecoins, with Circle's USDC temporarily falling to 88 cents due to the fractional reserve held at the Silicon Valley Bank (SVB), which suffered a bank run on March 10. In a HackerNoon poll, 38% of users trust Tether (USDT), followed by USDC at 22%, and DAI at 14%. While stablecoins offer an alternative to volatile cryptocurrencies, the market remains uncertain, and the recent event with USDC may prompt changes in the design of fiat-backed stablecoins.