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?
No matter the number of Nigerians wey embrace crypto, e no get how stablecoin go replace the Nigerian naira because nah awa national currency and identity and we need am to use pay for goods and services.
About safety, regulations, and accessibility of stablecoins. All stablecoins dey accessible and the centralized ones like USDT and USDC dey regulated. Their issuers (Tether and Circle respectively) get license to issue dis coins, dem also get reserves and dey comply with AML rules. So you no get anything to worry if you want hold stablecoins, just hold the popular ones.