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?
The funny thing is that USDT is not even stable as you think, if anything happens to US economy USDT will depreciate. Even if you keep your money as USD, or you eat earning in dollars, the moment you convert your USDT to naira you will understand that things have increased because of inflation. People that earn in dollar are very happy but they do not know that what #50,000k can buy when naira was valuable, now that it's no longer valuable that same #50,000k can no longer afford it.