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?
If you do not want to keep your savings in the bank due to fear of inflation and charges, then it will be beneficial to keep it in stablecoins. If you collect USDT, then there will be no profit or loss here, but you will get back what you keep later. You can easily sell it for Naira through P2P, which is very easy to do, you can take it directly to your bank account through the exchange. So I think if you do not want to save money in the bank, then keep USDT in your bank, your money will be safe here. However, you also have to accept that the same price is not always set on P2P, the price of USDT often increases and decreases.