Stablecoin Safety

I live in a country where inflation increases per second so saving my money in the bank in the local currency is not an option. I have an option of buying dollars and depositing it in my domicillairy account. But the money will be inactive not giving me any passive income so the next option is to use fixed deposit option in the bank. Fixed deposit option is where you lock your money in the bank for an amount of time, this means that for that time the bank can use your money whatever investment in return they give you an interest. But the downside here is that the interest is too small. Imagine getting 1% interest or lesser, meanwhile the bank can use your money to earn more.

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Crypto is the other best option, buying stable coins and staking them for some yields. These days you can stake your stables and get huge amount of airdrops, you can also stake them and get better APR compared to the ones you will get at the bank. But while this is a great option let’s not forget what happened to Terra’s stable coin UST. The token got depegged from $1 and became unstable, token that was expected to be stable. This made us question the stability of stablecoins.

Crypto is very risky, be it altcoins be it stable coins, but how can one utilize it and make sure they are safe while making enough profit from it. The best way is to diversify and buy different stable coins to reduce the chances of losing everything, there are over 10 types of stablecoins, while HBD is my best, I will advise myself to diversify them, some on HBD, some on other stables.