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?
keeping your money is stablecoins like USDT can only be valuable when the naira is depreciating but for now that the naira have been able to gain strength in the past few months, keeping your money in USDT is just a waste of time and it won't make any sense because imagine if you kept some USDT when the price was around 1700 per dollar, now the price is around 1500 per dollar so if you needed to sell your USDT to get naira in order to use the money to buy things for the festive season you will see that you have run some losses. The dangers of keeping funds in exchanges is another thing to look at if you want to keep money on exchanges you risk losing your money because any day that exchange is hacked your money will be gone.