The basic reason why people need crypto is because we don't have to trust a centralized system.
But the idea of a stablecoin is we have to believe that it is backed by a dollar-denominated or other asset with a fair value that is at least the same as fiat money. In fact more than a year the market capitalization of stablecoins grew more than 20 times and never stop.
That's what worries me, what if they just continue to mint stablecoin without being backed up 100%.
I believe in human greed so i think sooner or later the cryptocurrency market will crash because of stablecoins
Just because we do not trust fiat and the centralized nature of it, and then come in here and use USDT never made sense to me. If I am going to have my money in dollars, then why use USDT or busd? Just use regular dollars, I can hold it and see it and I trust the value of it.
However, stablecoins never made sense to me because I am giving my crypto to some guy, and saying that give me some dollars in return and I trust you to give me this much dollars when I ask you to, why would I trust Tether to do that? They will certainly keep on printing more and more and more, and eventually they will make so much money that they won't care about any of us.