increasingly used in the gambling and cannabis industry
The popularity of the Tether stablecoin (USDT) as a means of payment is growing thanks to online gaming sites and cannabis stores, Bloomberg reports.
Evgeny Yugrinov, product manager for B2BinPay cryptocurrency processing, said in a comment to the publication that the volume of transactions in USDT had doubled since last year and amounted to 20% of the total.
The processing cryptocurrency company CoinPayments reported that USDT accounted for 30% of the volume, which is 3000% more than a year ago.
“Merchants usually took Bitcoin, Ethereum, Ripple and converted them to Tether to insure against volatility. Now we see that payments are being made directly to Tether, ”said CoinPayments Operations Director Sean Mackay.
According to Bloomberg, Tether is gaining special popularity on gambling sites and online cannabis stores that have difficulty with banking services. In addition, stablecoin avoids high bank commissions, the newspaper notes.
Recall that earlier it became known that Chinese merchants transfer funds via Tether to their country through Russian OTC platforms.
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