Paxful P2P crypto exchange expanded beyond Bitcoin and decided to provide support for Tether’s stabelcoin USDT, as we are reading in the tether cryptocurrency news today.
Paxful CEO Ray Youssef said that “stablecoins do a better job of serving the real use cases of finance, especially in emerging markets They Don’t suffer from volatility” so Paxful P2P crypto exchange decided to add Tether to its list of stablecoins, despite being a bitcoin-only platform since its launch in 2015.
The users can now convert their BTC holdings into USDT and they can also trade USDT in the near future. Paxful wanted to remain a bitcoin-only platform and when asked what led to this move, the CEO Ray Youssef said that “whatever the ideological stance we have, that’s great. But everything comes down to our customers and what they want.”
He went on to say:
“And the truth is that stablecoins do a much better job of serving the real use cases of finance, especially in emerging markets. They don’t suffer from volatility.”
He continued to say that Paxful customers from inflation-hit countries such as Argentina and Venezuela want to have access to the US Dollar via Tether:
“The U.S. dollar is still the reserve currency of the world. That’s not going to change for a while. So that’s something we accept and move with.”
Nigeria is also the perfect market for Paxful in terms of trading volumes, followed by India and other African countries as South Africa, Kenya, and Ghana. With the USDT integration, Paxful customers don’t have to go to crypto exchanges to convert their BTC into USDT. The exchange will also add trading functionality for Tether in the near future which means that the customers can purchase and sell USDT with more than 300 payment methods. Youssef said that trading is now live in some countries and will soon be opened into the entire world:
“And of course, we’re an American company, so we can’t list any securities or anything like that.”
Paxful will launch even more products including an option to pay. Overall, he believes that P2P trading volumes will exceed centralized exchange volume in less than two years which is when the big money will start pouring in.
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