Question: why don't Sythe buyers/sellers use stablecoins such as USDT and USDC?

As far as I know, people here use:

• BTC
• ETH
• XRP

But why not stablecoins like USDT and USDC? It makes the most sense for buying/selling RuneScape gold and such because of the eliminated volatility risk of BTC/ETH/XRP.

What gives?

 

I havent use stable coins before, when I discovered them many years ago, most markets had insane fees to withdraw them like 5-10$ per transaction which didnt make sense, but that's me from 5 years ago, I dont know how are fees markets today.

 

Here's my take:

The average withdrawal fee for Tether (USDT) across 43 exchanges is $12.57 [1]
The average withdrawal fee for USD Coin (USDC) across 36 exchanges is $17.71 [2]

- There are also extraneous and often cumbersome limits one has to adhere to such as minimum withdraw and deposit amounts that *some* exchanges decide to implement.

- Not all wallets have support for USDT / USDC

- Perhaps the most damning [from wikipedia]: Tether Limited and the tether cryptocurrency are controversial because of the company's alleged role in manipulating the price of bitcoin,[10] an unclear relationship with the Bitfinex exchange, its apparent lack of a long-term banking relationship,[11] and the company’s failure to provide a promised audit showing adequate reserves backing the Tether token.[12][2]

Lastly, the perception of "privacy" is more associated with bitcoin (even though... it isn't private at all but thats a whole new tangent). People should use Monero if they want some semblance of privacy btw

-

[1] Tether (USDT) withdrawal fees: comparison at 43 exchanges
[2] USD Coin (USDC) withdrawal fees: comparison at 36 exchanges

 

I get the criticism.

1. Do everyone really use exchanges as their default wallets?

2. If some people use and transact with ETH anyway, then why not USDT/USDC? Since both are Ethereum ERC20 tokens anyway.

3. There's quite shadiness with Tether indeed. But alternatives exist such as USDC, GUSD, and the more decentralized DAI.