With the way inflation and bank charges are eating into people’s money, some Nigerians are now keeping their savings in stablecoins instead of bank accounts. Unlike Bitcoin, USDT doesn’t rise or fall much, it just mirrors the dollar, so it protects against naira depreciation. But then questions come up, can stablecoins really replace the role of banks? What about safety, regulations, and accessibility when someone needs cash quickly?
People who are inclined with the crypto world can only save their money in USDT so that they won't be affected by depreciation of "Naira," but stablecoin like USDT can't replace bank savings in Nigeria because we are yet to have massive adoption of USDT in Nigeria, and since we use Naira as a medium of exchange in Nigeria, people will always prefer saving their money in Naira than in USDT.