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?
Stable coin like usdt is not immune to inflation as you think, because even in the Us, inflation is also hitting them as we speak, just that it's on a lower scale than our naira, but if we are really talking of beating inflation, then we should be storing our money in anything that appreciate in value overtime like Bitcoin, gold, lands and most times goods if you are a business man, so I don't think the usdt is a logical choice in replacing our naira in case of inflation.
Another problem storing your cash in usdt is that it can make transaction slow because you will have to change it to naira first before using it, so that's another disadvantage of keeping your money in usdt when residing in Nigeria.