Quote from: tbterryboy on April 12, 2021, 06:52:46 PM

Stablecoins may replace fiat when 90% world population will be adopting cryptos; I guess that would take long time as so far less than 10% of people world wide aware of cryptocurrencies and its usage.

People were discussing like bitcoin will replace bank/gold like that but I never imagined a scenario where stablecoins to end the traditional banking system. Because, when we talk with respect to bitcoin, it seems possible as bitcoin got the power and innovation whereas for the satblecoin case, I feel like it is missing innovation and power. So, stablecoin to become a mainstream usage might take more time than we could estimate.

Exactly. So far, stablecoins are used by the minority while that's not the case with Fiat nowadays. Despite crypto's recent popularity, the vast majority of people haven't heard about or even used crypto/Blockchain tech in the first place. It's yet the day where merchants and businesses worldwide are struggling to accept crypto as payment method. The vast majority is with Fiat because of its stability and reliability. Stablecoins are as stable as Fiat, but they come with their own set of problems. As long as Fiat is easier to use than a stablecoin, I don't see stablecoins like USD Coin or Tether replacing traditional Fiat currencies anytime soon.

Nonetheless, we cannot deny the fact that crypto is rising in popularity at a fast pace. Who knows if someday major retailers being accepting stablecoins as payment method? Even if this happens in the future, stablecoins won't replace Fiat because they're not backed by the government. That could change if governments back an specific stablecoin as a Fiat currency of their own. In the strange and bizarre world of crypto, anything can happen. Be prepared for the worse if governments decide to go rogue against the industry in the future. Just my thoughts Grin