You have probably heard about different types of crypto assets (coins, tokens, NFTs, etc.). Today we would like to discuss one popular crypto type – stablecoins. The most often used stablecoins:
- USD Coin
- Binance USD.
Tether is the first and the most popular stablecoin in the crypto market. The essence of stablecoins is their stable value, usually equal to one dollar or one euro. Tether developers claim that USDT value is 80% backed by the US dollar reserves.
Why do Investors Use USDT?
You ask, why would stablecoins be used on the crypto market? The answer is to hedge risks and to get at least some stability in this highly volatile market. During price trend changes, crypto rates show incredible dynamics, so to avoid losing savings, investors often convert their crypto to stablecoins. Thus, they do not leave the crypto scope, yet do not lose their funds due to sharp price drops.
The current Tether rate in euros can be checked on the USDT EUR pair. Let’s go to the WhiteBIT exchange and see how many euros one USDT costs. As of September 2022, the price is 1,0038.
What Platforms Allow Converting USDT to EUR?
Only centralized crypto exchanges allow fiat-crypto trading. Centralisation means high user protection and strict conditions for those willing to access fiat-crypto trade. Every user passes the KYC verification, and only after that can one add a bank card and deposit funds to the exchange.
WhiteBIT has received over 2 million registered clients as one of the largest centralized exchanges in Europe. It allows for crypto-fiat pairs such as EUR Tether and any other variations. KYC verification takes only a couple of days. When buying crypto with fiat, pay attention to bank fees. For Monobank, the commission is zero since it is a partner of WhiteBIT.