P2P Exchange Paxful Adds Tether (USDT)

The peer-to-peer (P2P) crypto exchange Paxful has supported Tether (USDT) Stablecoin, the platform running since 2015.

Paxful users can now convert their Bitcoin (BTC) holdings to USDT. The exchange said they will also be able to trade USDT shortly.

Paxful customers from inflation-stricken countries such as Venezuela, Argentina, and Nigeria have reached the U.S. via Tether. He said he wanted access to dollars. “The U.S. dollar is still the world’s reserve currency. It will not change for a while. So, this is what we accept and move forward.”

Yusuf said Nigeria was also the number one market for Paxful in terms of trading volumes, followed by the U.S. and India and other African countries such as Ghana, South Africa, and Kenya in the top 10 list.

With USDT integration, Paxful customers no longer have to go to crypto exchanges to convert their bitcoin to USDT, Yusuf said. “Ordinary people do not understand the implications of order books and matching algorithms. We offer warranty enforcement.”

Paxful will also add trading functionality for Tether shortly, meaning that its customers can buy and sell USDT with over 300 payment methods. Yusuf said the trading function is already live in some countries, such as Colombia and Nigeria, and will soon be open worldwide.

Paxful rival LocalBitcoins currently does not support any digital asset other than Bitcoin. When asked if Paxful would add more coins in the future, Yusuf said: “Yes, this is all about customer demand. If our customers want Ether (ETH) and USDC Coin (USDC), we will add.”

Looking ahead, Paxful is ready to launch more products, including “Pay with Paxful.” “If you’re a merchant, if you want to collect payments from the public, you can use a small widget called Pay with Paxful, which is similar to the version of PayPal Checkout, but it supports any payment method world.”

Overall, Youssef believes that P2P trading volumes will “exceed the centralized exchange volume within two years” and that “big money is coming.”

Adding further Youssef said “If venture capitalists see peer-to-peer trading being taken over, they are going to understand that crypto is real. It’s not just a speculative property class to play for wealthy intellectuals.

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