Popular P2P crypto exchange Paxful has just added support for the stablecoin USDT (Tether), The Block has reported.
From now on, the users of the exchange can convert their Bitcoins, which is the only currency the platform has been operating with since it was launched in 2015, into USDT (Tether).
The platform plans to allow its users to trade USDT on the exchange in the near future, meaning its users will be able to buy and sell USDT with more than 300 different payment methods.
Paxful CEO Ray Youssef has said the platform has decided to add support for the stablecoin due to high user demand. According to him, "stablecoins do a much better job of serving the real use cases of finance, especially in emerging markets. They don’t suffer from volatility."
That is the case of some countries severely affected by inflation such as Venezuela, Argentina and Nigeria, where their citizens wish to access the dollar, which remains the international reserve currency, through Tether.
It's no surprise Nigeria is the largest market for Paxful in terms of trading volume.
Now that the exchange supports Tether, its users will not have to move their Bitcoins to other platforms in order to convert them into USDT.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.