Peer-to-peer Bitcoin exchange Paxful has added support for Tether’s USDT dollar-pegged stablecoin.
According to an announcement shared with Modern Consensus, Paxful users will now be able to instantly convert their Bitcoin to USDT and back.
USDT support is meant to allow users to protect their funds from the volatility typical of nearly all crypto assets.
Paxful’s CEO and co-founder Ray Youssef pointed out that “this is the first cryptocurrency other than Bitcoin” on the platform. He said that the decision is a reaction to user requests:
“We always listen to our users. We understand that they go to Paxful for wealth generation and turn to crypto for stability when their national currency is affected by inflation. We hope that this can aid them to be more in control of their finances.”
Furthermore, in July Paxful announced that it has hit 4.5 million registered wallets and reached 4.6 billion dollars in trading volume.
Paxful follows an aggressive expansion strategy
This new feature follows a partnership with cryptocurrency exchange OKEx announced in June, which allows users of the exchange to use Paxful as a fiat on-ramp. The announcement about USDT support also suggests that this may be the first step towards greater expansion:
“The launch of this feature marks Paxful’s first step towards potentially adding new cryptocurrencies in the future.”
The confidence shown with this kind of investment by Paxful is particularly noteworthy given the recent downturn in peer-to-peer cryptocurrency trading. Industry news outlet Cointelegraph reported yesterday that the U.S.—the top peer-to-peer trading region —saw a 42% decrease in trading volume in just one week, falling from $23.4 million to nearly $13.6 million.