— BitKE (@BitcoinKE) September 10, 2020
Paxful has officially announced addition of Tether (USDT) stablecoin into its platform in order to protect its users from the volatile market.
USDT, the world’s largest stablecoin by market value, will now be used as a hedging option allowing users to instantly convert BTC to USDT and vice versa, helping users protect their funds from bitcoin price fluctuations.
A few weeks ago, we demoed the feature which enables users to convert their crypto holdings between BTC and USDT and vice versa almost instantly.
Below are the screenshots on how the feature works:
The addition of USDT marks Paxful’s first step toward potentially adding new cryptocurrencies in the future.
Speaking about this major milestone, Ray Youssef, CEO, Paxful, said:
“We consider this a big step for us since this is the first cryptocurrency other than bitcoin we have on the platform.
We always listen to our users. We understand that they go to Paxful for wealth generation and turn to crypto for stability when their national currency is affected by inflation. We hope that this can aid them to be more in control of their finances.”
Paxful currently has over 4.5 million users with a trading volume of over $4.6 billion, with over one million users added in 2020 alone. The company is already confident that it is on track to sign up an additional two million uses by the end of the year.
Stablecoins have seen an 800% groth YoY with USDT Tether dominating 2020 charts. The addition of Tether on Paxful is no doubt going to help build increased enthusiasm and growth of the Paxful P2P platform on the African continent.
About USD Tether (USDT)
USDT is considered to be part of a new breed of cryptocurrencies called stablecoins. A stablecoin is a type of cryptocurrency backed by reserve assets and offers minimal price volatility.
USDT Tether integrates fiat currencies with cryptocurrencies, creating a new digital asset with all the perks of being blockchain-based, yet without the danger of cryptocurrency volatility—the perfect middle ground. As each token is backed by a corresponding fiat currency like the US dollar, the Euro, or the Japanese Yen, the coin maintains a 1:1 ratio (1 USDT = 1 USD)—with the reserves being held in Hong Kong by Tether Limited.
Because of this 1:1 ratio, Tether has no supply cap. It also provides people a cryptocurrency that can act as a medium of exchange and a mode of storing value.
Disclaimer: The information provided herein is not, and is not intended to be, investment, financial, or other advice.
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