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?
People are now ready to get something simply, people are not ready to get something complicated. There is no dumping and pumping of USDT stable coins due to which people are now trying to hold USDT. Most of the people who are currently involved in cryptocurrency do not like bank transactions, moreover, banks are not very safe for people at present, due to which people do not like to transact or deposit money in banks. USDT can be deposited in an exchange, and if the amount is large for a specific time or for a year, then it can be staking, where a fairly good profit will also come. Moreover, if you wish, your USDT can be converted into local currency by p2p in a very short time.