How to buy stablecoins
As the crypto market grows, stablecoins have emerged as a popular alternative for investors looking for a more stable investment option. Unlike other volatile assets, stablecoins aim to reduce constant price fluctuations in the market.
What makes stablecoins a lot more appealing for crypto users is that there are various types of stablecoins to choose from. Each of these stablecoins offers unique features and benefits you can take advantage of. One of the most popular ones is the fiat-backed stablecoin which is pegged to the US dollar.
Buying stablecoins is easy, but it can still be overwhelming for new crypto users, especially if they don’t know much about them. Here’s a helpful guide:
Are stablecoins safe?
Stablecoins are considered by many to be safer than other coins because they are designed to maintain a stable value relative to a reference asset such as a fiat currency or commodity. This means that the value of the stablecoin is directly linked to the value of the underlying assets, which provides a high level of stability.
Here’s a list of factors that contribute to the safety of stablecoins:
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Transparent → Stablecoins often provide information or data about their underlying assets and other key metrics that help investors and users understand the risks of holding the stablecoin.
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Decentralised → Most stablecoins are built on decentralised blockchain platforms, meaning any single entity or institution does not control them. This reduces the risk of fraud or exploitation and provides high transparency and security.
Best stablecoins to buy
When you decide to buy stablecoin, consider buying one that provides low fees as much as possible. There are different types of stablecoins, but choosing one that best suits your needs is a must. To narrow down your list, here are some of the top stablecoins to buy:
Tether
Tether (USDT) is widely recognised as a leading stablecoin pegged to the US dollar, meaning each USDT equals one US dollar. Not only is USDT pegged to the US dollar, but its value is maintained by backing its reserves, which include cash, cash equivalents, and other assets. It is also available on a wide range of crypto exchanges, making it a highly liquid option for trading. As a top 3 asset in the market, USDT is arguably the best stablecoin to buy.
TrueUSD
TrueUSD (USDC) is a stablecoin developed in partnership with Paxos. It is also pegged to the US dollar and is backed by a corresponding amount of US dollars held in escrow accounts. USDC is known for its high level of transparency, with regular attestation reports available to verify its reserves.
Binance USD
Binance USD (BUSD) is a stablecoin issued by Binance, one of the largest crypto exchanges in the world. BUSD is also pegged to the US dollar and is backed by corresponding US dollar reserves held in a regulated financial institution.
USD Digital
USD Digital (USDD) is a stablecoin issued by Circle, a US-based fintech company. It is slowly becoming one of the most popular stablecoins because it allows you to transfer funds faster and more securely without interruptions. Since USDD is built on the ETH network, you can keep it in any stablecoin wallet that supports ETH.
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Where to buy a stablecoin
Buying any stablecoin on the market is similar to buying any other crypto to add to your portfolio. Simply choose a crypto exchange that lets you buy a stablecoin and start from there. The steps to buy stablecoins vary slightly from one exchange to another, but the basics stay the same.
Using your fiat currency, deposit an amount to your crypto exchange account via e-wallet or online bank transfer. You can use your fiat deposit to buy the stablecoin of your choice.
You can also trade other cryptocurrencies for any stablecoin as long as it’s available in the crypto exchange. For instance, trade some Bitcoin (BTC) assets for a stablecoin like Tether (USDT).
Here are some of the most popular crypto exchanges where you can buy a stablecoin:
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Binance
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Coinbase
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Kraken
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KuCoin
Why buy stablecoin?
Stablecoins offer a wide range of benefits for those looking for a more stable alternative to other coins or fiat currencies. These are the reasons why stablecoins are a worthy buy:
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Store value → Stablecoins provide a way to store value digitally without worrying about the price fluctuations of other coins. This is especially important for traders who need to hold funds in a stable currency in between trades.
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Remittances → What makes stablecoins an excellent asset to buy is that they can also be used for cross-border remittances. This is because they offer a more stable value than the local currency of some countries.
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Trading → Stablecoins are often used as a trading pair on crypto exchanges. Trading pairs with stablecoins can offer more stability than those partnered with other digital currencies that are highly volatile.
How to buy a stablecoin at Sportsbet.io?
Sportsbet.io is a premier online sportsbook that lets every punter place bets using crypto, including stablecoins like Tether (USDT). You can’t buy a stablecoin on the site but can quickly deposit it to your account through various options.
If you’re depositing USDT, simply copy your deposit address and use it to send USDT to your account. You can also use Metamask or use Onramper to deposit USDT.
Why use stablecoins for sports betting? Stablecoins are not only reliable and secure, but they are also stable compared to other coins. This stability benefits you if you want to manage risk and ensure that your winnings are not subject to the same price fluctuations as other coins.
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Frequently asked questions
Do you want to know more about stablecoins and how they work? Learn more about them with these frequently asked questions:
Should I buy stablecoins?
If you’re looking for a stable digital asset unaffected by the volatile nature of the crypto market, you should consider buying stablecoins.
How many stablecoins are there?
There are around 200 stablecoins in the crypto market.
Are stablecoins secure?
Yes, just like most coins, stablecoins are decentralised, making them a secure and stable digital asset.
Stablecoins are one of the top options for crypto traders and investors because they are not only pegged to the US dollar but are continuously growing and improving. Buying stablecoins should be on your crypto bucket list if you want to invest in a digital asset that can withstand the volatile world of crypto.
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