USDT will help Paxful users cope with market volatility and diversify crypto assets.
Paxful, an international P2P bitcoin trading platform , has announced support for the Tether (USDT) stablecoin. This largest stablecoin in terms of capitalization will help users cope with market volatility, protect their funds and diversify cryptoassets.
The growing demand for a stable digital currency is attributed to the economic crisis that has affected both fiat and digital currency markets. Over the past year, Tether has risen to the leading position among stablecoins, with a market capitalization of over $ 13 billion.
“This is a very important step for us as Tether is the first cryptocurrency after Bitcoin we have added to the platform,” says Ray Yousef, CEO and Co-Founder of Paxful. “We always listen to our users’ opinions. People come to Paxful to save and increase their funds. They believe that cryptocurrencies will be more stable than their national currencies, which are subject to inflation. We hope that with the help of Paxful they can better control their finances. “
Paxful has added not only support for Tether, but also a hedging feature that allows users to convert their BTC to USDT and vice versa, which will allow them to protect their assets from price fluctuations.
In addition, the company plans to launch deals with USDT. Users of the platform will be able to buy and sell USDT in the same way as bitcoins using over 300 payment methods. The USDT balance can be seen on the Paxful wallet page, which displays the current market price of both cryptocurrencies. Perhaps the launch of this feature will be the first step towards adding other cryptocurrencies to the Paxful platform.
The company recently announced that Paxful had 4.5 million users , had deals worth $ 4.6 billion, and had less than 1% of disputed deals. Since the creation of the company, every year (including 2020), 1 million new users came to the platform. Additionally, Paxful plans to reach 2 million users by the end of this year.