4 ms·
Stablecoins find a use case in Africa's most unstable currency markets
- smt88 5y ago> "Samuel says he buys USDT using naira and then finds a trusted middleman in Canada or the U.S. to exchange the stablecoins for Canadian dollars. Putting himself at great risk of being scammed, he arranges for a person in Canada, whom he finds through the chat groups or websites like PayTrie.com, to pay for the credential assessment." This isn't a use-case for stablecoins in general, it's just a different way to exchange his local currency into stable fiat. It's not a fundamental change of anything. This headline would be more valid if there were a country that had started to switch entirely to a stablecoin that were not backed by (or pegged to) fiat.