Tether and USD Coins, an alternative to the global inflationary impact?

Cryptocurrencies are a digital medium that has been positioned in different countries as an alternative to traditional currency whose purpose is based on the ease of storing value and transferring it as the main objective, but different use cases have been created for these technologies that have led to the alternative of generating opportunities in terms of investment.

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According to a report delivered by Chainalysis, Latin America is one of the smallest cryptoactive economies by volume, Well, as of 2020, it registered US$25,000 million in these currencies and received US$24,000 million, a figure that represents between 5% and 9% of all the activity of this digital market.

Currently there are various cryptocurrencies, among which are bitcoin or ether, whose volatility or sudden change up and down within a certain period of time, leads investors to look for other currencies that maintain the same value in the market. and have less economic risk in times of uncertainty in the financial markets.

This is how new options arise, such as stablecoins: Tether (UST), USD Coin (USDC) or DAI, which have real reserves that allow their value to stabilize around the value of the US dollar, reduces this volatile behavior and becomes a useful instrument to preserve the value of assets in dollars. .

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In this context, BITPOINT, the exchange with the largest presence in Latin America, announced the launch of its most recent project to include these new stable coins in its catalog of services in Colombia. Firstly, they hope to enable the Tether (USDT) and USD Coin (USDC) coins, the two main stablecoins in the world, which currently stand out for the solidity they maintain in the global crypto market.

According to Julián Geovo, BITPOINT Director of Operations for Latin America “These currencies are issued backed by other assets, such as the dollar. In this way, its value remains constant and it becomes a haven for investors in terms of volatility. With our BITPOINT platform, Colombians will now be able to deposit their pesos through multiple channels such as banks, MOVii and others and exchange them for these digital dollars; Likewise, they will be able to convert or withdraw our new Tether and USD Coin enabled currencies in the amounts they need. When they want to exchange them for weight again, they can do it again too.”

Currently in the country, traditional exchange houses have some shortcomings such as high prices, little liquidity in terms of transactions and handling of cash. To this is added the little ease of having a savings account in dollars. BITPOINT, with this new announcement, hopes that both people interested in saving in the American currency and companies with high purchasing power can protect themselves by converting Colombian pesos to Tether or USD Coin and vice versa.

“Bitcoin and the main cryptoactives come from a 2021 of strong growth, however, today it closes with a value close to US$20,000 after being at US$70,000 as of November of the previous year. This fact, without a doubt, has generated panic among investors due to its fall; It is noteworthy that two years ago, during the economic recovery after the pandemic, this currency reached US$4,000, a fact that demonstrates the great bullish season that it has had in the digital market during these years. With the crash, people who have liquidated typically trade their Bitcoins and other cryptos for stablecoins as well and hold onto them for more optimistic times.”.

Users who want to buy these dollars must open an account at www.bitpointlatam.com, deposit in pesos through multiple enabled channels and the platform will automatically dollarize them.

As a last step, regarding the use of the platform, users who want to make an exchange from dollars to Colombian pesos must request a withdrawal in pesos from the system, which may be requested from banks or through other allies in Colombia.

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