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?
USDT is pegged to fiat USD which means that they're the same in value. If you keep your funds in USDT and you need it right away, you can convert it in an exchange and sell it via p2p trade into your bank account. It does not take up to 30 minutes. You can also choose have a domiciliary account and save in USD. Stablecoin is centralized and been controlled.
Of a truth saving your money in USDT is a good idea, looking at the way naira is depreciating in value , when you save in stable coin the value of your money is preserved. Even in the banks this days , especially when you are using their application, their is a provision to save your money in dollar and it can be converted to naira at anytime.