Any self-respecting cryptocurrency exchange platform will have to offer its users the chance to operate with USD. The United States Dollar is considered the pillar of the global economy, as a global reserve currency. Anything and anyone can be bought for United States Dollars. As the great Persian poet Fizuli once said – “we all sell and we buy, we are all bought and sold”. This reality is quite indicatory of the nature of the United States Dollar, which has managed to carve itself a reputation as the global reserve currency without ever actually having any collateral backing.
Though billions of people use the United States Dollar, few ever think of the way it is issued. In fact, the Federal Reserve can issue as many Dollars as it wishes depending on the situation it is facing. This not only creates hyperinflation, but also undermines the concept of a currency, which is considered worthless without collateral backing. The United States Dollar leverages solely the fact that it is a global reserve currency to assert its dominance. Without that factor, it will depreciate even faster than it is doing now.
Many countries are deliberately taking steps to distance their economies from the United States Dollar and are reverting to the use of national currencies in their international settlement procedures. This has paved the way for the emergence of stablecoins – blockchain-based cryptocurrencies with a stable value. Unlike Ethereum ETH, stablecoins are not subject to volatility and can remain at a stable price for long periods of time. One such stablecoin is USDT.
Anyone can now buy USDT by credit card and then exchange it back for United States Dollars or use it to buy other cryptocurrencies. The advantages of USDT reside in the factors that make up its essence as a stablecoin, namely:
- Stable price;
- Acceptance as a means of settlement across various decentralized applications;
- Ease of purchase;
- Ease of exchange;
- Global acceptance.
In order to buy UDST with a credit card, all users will have to do is find a suitable exchange that offers such a possibility. Luckily, the vast majority of cryptocurrency exchanges on the market offer users the chance to purchase their desired digital assets by connecting a variety of gateways and financial instruments like bank cards. VISA and MasterCard have long integrated their solutions into cryptocurrency exchanges, which means that users who hold the cards of these providers will have the chance of using them to buy cryptocurrencies.
In today’s world, the ability to store value in assets other than the United States Dollar is paving the way for new instruments like the stablecoins from UDST’s range. Other digital instruments in the range include Bitcoin, and many others. Most importantly, these instruments are accessible using traditional financial means and can be easily converted into fiat currencies, giving users the opportunity to travel between the Web3 world and the real world with ease.