Whoever wants to convert btc to usdt tether on @paxful drop your username in a comment and we will let you into the pilot test. Africa and the worlds needs stablecoins and we aim to serve!
— Ray Youssef (@raypaxful) August 25, 2020
Paxful is apparently undertaking a pilot test with a select group of Paxful traders allowing them to convert their bitcoin holdings into USDT Tether, a stablecoin.
From the tweet above, the CEO of Paxful, Ray Youssef, seem to be hinting to an upcoming feature for African users allowing them to hold their crypto holdings as stablecoins.
Back in June, Paxful hinted at stablecoins coming onto the the platform, including hinting at a possible PaxCoin. In addition, the founders touched on the possibility of being able to trade and send stablecoins on the Paxful marketplace.
“If there is a real use case for other stablecoins, we are going to add them as well” ~ Artur Schaback, COO and Co-Founder, Paxful
Here is an exclusive preview of the pilot features currently available to only a select few.
The screenshot above shows the interface conversion feature allowing you to convert any amount of your holdings into Tether.
In the same way, you can similarly convert any amount of your Tether holdings back to Bitcoin.
The above feature is very easy and seamless to use, typical of the Paxful platform, making it easy for even newbies to easily navigate and use the feature.
Stablecoins offer a great way for crypto users to protect their holdings against market volatility.
The value of a stable coin represents the ownership of a stable asset, which means that even though the market dips, the coin will still be worth the amount of the stable asset it represents. For instance, 1 Tether is equal to 1 USD no matter what happens to the crypto market.
A recent study revealed that stablecoins have seen over 800% growth YoY with USDT Tether dominating 2020 charts.
By enabling traders to convert their holdings into stable assets, this will allow more users to use the Paxful platform as a holding wallet which means more users will be more comfortable trading on the platform despite market volatility and swings that sometimes results in losses.
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