RE: BlockTrades adds support for USD Tether coins (USDT_OMNI and USDT_ERC20)
@blocktrades I would hoping you would do something like this. But truthfully I don't understand why you would pick USDT rather than launch a BlockTrades stable token?
Why not Blocktrades SMT aka Blockdollars? Please take my idea and collateralize it with your choice of a stable basket of assets.
At least it's a start and we have an option. I just don't know about Tether because as you mention it's hard to know for sure if it's really backed 1:1 with USD, and even if it were, they don't pay any interest and USD isn't what I'd consider stable but I guess compared to most crypto during a bear market it seems like it.
What about Coinbase USD? If possible I would use theirs because at least we know they wont have the same regulatory risk. Theirs might not be available outside of their platform though but if they ever do then theirs will have advantages as they do pay interest and people Coinbase at this point.
Yeah they definitely can use SMT so the fee is minimal but it's not out yet. We desperately need a more reliable stablecoin on this chain compared to SBD.
If they worry about regulations and credibility of Tether inc. how about if the SMT is backed by dai instead of relying on any centralized entity?
#sbi-skip
We're working on setting up partner companies that have the necessary licenses to mix cash and crypto. It just takes a lot of time, especially because the regulations keep changing. Adding USDT was just a stop-gap measure.
On the positive side, the delays imposed by all the regulatory hurdles are giving us time to develop some cool software offerings that we can deploy when those partner companies go live.