Today, every business owner should consider stablecoins as payment. The winds of change are blowing for e-commerce as cryptocurrencies are revolutionizing the scene as we know it. Bitcoin spearheaded the decentralized assets with low-cost and limitless transactions. Yet, the volatility remains as a drawback that potentially holds withholds mass adoption. Thankfully, stablecoins have successfully dealt with this issue providing solid stability. By using a crypto payment gateway, online businesses can easily accept crypto payments (including stablecoins) for payment. In this article, we will take a brief look at what stablecoins are, what are the best stablecoins as payment and how Nebulox.io maximizes their practicality.
Learn About Crypto Business Solutions
What is a Stablecoin?
Basically, a stablecoin is a type of crypto asset that maintains a pegged value to another currency. In general, most stablecoins are pegged to US dollar and each one is worth exactly $1. There are other stablecoins that are pegged to Euro, gold, British Pound and other currencies.
In order to issue a stablecoin, companies must maintain a reserve based on the peg currency. Therefore, stablecoins must be backed by the same amount of reserve currency. This is a controversial topic of conversation since some stablecoins are not transparent with their reserves. Bear in mind that there is another type called “algorithmic stablecoin” which relies on a different method that does not require a reserve but that a topic for another day. Exclusively, stablecoins utilize blockchain technology for transactions which makes them crypto assets.
With that in mind, a reliable stablecoin is one that offers transparency regarding reserves. On top of that, the reputation is also a crucial element to consider. Tehter (USDT) for example, has been around since 2014 and has never lost its peg to US dollar.
Now, among all competitors, there are the two top contenders that stand out in this crowded section.
Top Stablecoins for Payment
For business purposes, choosing a solid stablecoin is absolutely critical. On top of that, merchants will also have to look for an asset that their customers already hold in their wallet. These two requirements limit the choice of crypto assets for payments.
At the moment, both Tether (USDT) and USD Coin (USDC) are the two best stablecoins for payment. So far, USDT has managed to stay above USDC both in terms of popularity and market cap. However, choosing between the two is like choosing between Batman and Superman! The point being, it’s more of a personal choice at this point.
As of January 2023, Tether (USDT) is ranked 3rd among cryptocurrencies with a market cap of over $66 billion. It is also the very first stablecoin in the world. Considering all that, Tether is pretty much as good as Bitcoin when it comes to utility. Almost all crypto wallets accept Tether and every single platform that accepts cryptocurrencies accepts USDT as payment.
On the other side of the ring, we have USD Coin which has remained the underdog that seems to be closing the gap with Tether. Currently, USDC is 5th in the ranks with a market cap of $43.6 billion USD. USDC debuted back in 2018 but has managed to climb high in such a short time.
Both USDT and USDC offer virtually zero fees for transactions on the blockchain. Bear in mind that the wallet and exchanges that handle transactions may charge a fee but the percentage is usually very small. Subsequently, using stablecoins as payment significantly reduces the costs due to extremely lower fees.
Nebulox Does It Better!
Despite all the benefits, if you are a merchant looking to accept stablecoins as payment, Nebulox.io offers unique features that can provide excellent solutions for already existing problems in the segment.
First and foremost, Bitcoin is currently, the most popular cryptocurrency in terms of popularity. Considering that, BTC is what the majority of crypto holders have in their wallet. Nebulox allows the merchants to receive Bitcoin for payment, then automatically convert BTC to the stablecoin of their choice (USDT or USDC). This means that businesses can receive stablecoin for payment regardless of what the customer chooses to pay.
Furthermore, another issue with stablecoins is the choice of crypto wallet. In order to receive crypto assets, merchants need a reliable and safe crypto wallet that does not charge them lots of fees. Fortunately, Nebulox offers their exclusive top-tier crypto wallet for merchants. Utilizing the latest and greatest security protocols, Nebulox wallet has a lot more to offer. For instance, merchants can schedule automatic withdrawals from their wallet to the account of their choice.
Lastly, Nebulox does also offer exchange services in case the business owner decides to convert assets.
Nebulox.io
Nebulox is a payment gateway platform that supports a variety of digital assets including cryptocurrencies. Nebulox allows the merchants to receive funds through a super secure gateway in only a few minutes. Plus, merchants will have the option to automatically have their assets converted to stablecoins to avoid market volatility. And of course, all that comes with 24/7 online support. Get paid anywhere, anytime, with the currency of your choice.
