INTRODUCTION
Rapid advancement in Financial Technology has led to the creation of digital currencies, the most popular being Bitcoins. From its inception, the world of cryptocurrencies is known for its extreme volatility and its attractiveness to speculators. However, Stablecoins are a newer breed of crypto coins that are gaining popularity as they aim to tackle the problem of cryptocurrency volatility.
What are Stablecoins?
Stablecoins are a type of cryptocurrency linked to an asset like the U.S. dollar that doesn’t change much in value. It was introduced in 2014 with Tether and presently, the list of Stablecoins is wide and varied, amongst which we have the DAI, USD Coin, True USD, Digix Gold, Havven’s Nomin, Paxos Standard, and Binance USD.
The majority of stablecoins that currently exist use the dollar as their benchmark asset, but many are also pegged to other fiat currencies issued by governments like the Euro and Yen.
As a result, the price of stablecoins fluctuates very little, unlike high-profile cryptocurrencies like Bitcoin and Ethereum that are prone to sudden ups and downs. Originally, stablecoins were primarily used to buy other cryptocurrencies, like bitcoin, because many cryptocurrency exchanges didn’t allow fiat funding.
What is Tether (USDT)?
Tether is a blockchain-based cryptocurrency whose crypto coins in circulation are backed by an equivalent amount of traditional fiat currencies, like the Dollar, the Euro, or the Japanese Yen, which are held in a designated bank account.
Tether trade under the USDT symbol. It was specifically designed to build the necessary bridge between fiat currencies and cryptocurrencies and offer stability, transparency, and minimal transaction charges to users. It is pegged against the U.S. dollar and maintains a 1:1 ratio with the U.S. dollar in terms of value
Key Notes about Tether
● Tether (USDT) is a stablecoin, a type of cryptocurrency which aims to keep cryptocurrency valuations stable.
● USDT is used by crypto investors who want to avoid the extreme volatility of other cryptocurrencies while keeping value within the crypto market.
● USDT remains a major source of liquidity for the cryptocurrency market.
● USDT offers minimal transaction charges to users.
Why is USDT useful?
Tether is useful for crypto investors because it offers a way to avoid the extreme volatility of other cryptocurrencies.
Transaction cost: Having USDT (as opposed to the U.S. dollar, Euro or Yen) removes transaction costs and delays that impair trade execution within the crypto market.
Safe Haven Asset: Stablecoins have a value that is designed to be stable over any period. This feature makes stablecoins an ideal safe haven asset because, unlike cryptocurrencies like Bitcoin that can fluctuate dramatically in price every day, an individual using stablecoins to store value see no risk of loss, especially because they have full custody of their asset.
Remittance: Cross-border payments and remittances are very real problems that overseas workers face when trying to send money home. Sending money internationally comes with high fees. For example, most migrant workers in Asia send home approximately $200 monthly, but they must pay $12 in international transfer fees–half a day’s wages gone for many.
Thankfully, Yellow Card offers Ghanaians a safe platform to trade USDT with GHS at the best rates. Even better, USDT on Yellow Card is available on the Tron network (TRC-20) which offers cheaper network fees to transfer your usdt between wallets.
How Do I Buy USDT in Ghana on Yellow Card?
To buy USDT on Yellow Card, follow these steps:
1. Sign up for a Yellow Card account
2. Fund your wallet with GHS. You can add money to your wallet using mobile money:
● Tap on Deposit
● Tap on Mobile Money
● Entire the desired amount you want to deposit
● Confirm with your phone number and choose your network provider
● Tap continue then confirm.
3. Buy USDT on the TRON network. Just follow the steps below:
● Sign up for a Yellow Card account
● Tap on USDT
● Tap on Trade
● Tap on Buy
● Enter your desired amount
● Tap continue then confirm.
How Do I sell USDT in Ghana on Yellow Card?
You can also sell USDT on Yellow Card. Log in to your account and follow these steps:
1. Tap on USDT
2. Tap on Trade
3. Tap on sell
4. Enter your desired amount
5. Tap continue
6. Tap confirm
Once you have sold your USDT, you can easily withdraw to your Momo.
Conclusion
It is safe to say that Ghanaians and foreigners residing in Ghana can stay in the cryptocurrency space by using USDT. It is now possible to escape the volatility of other cryptocurrencies and protect your finances against inflation resulting from the ravages of the health crisis.
Start trading USDT
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