The stablecoin claims to be fully backed by U.S. dollar cash or equivalents (a peg that seems to have slipped in the past), meaning its value will not fluctuate as much as more volatile cryptocurrencies and making it a less risky form of payment.
Pornhub has added new performer payment options including the tether (USDT) stablecoin, two months after apparently being dropped by PayPal.
The adult video giant announced Thursday it now allows its models to be paid in USDT and is recommending the TRONlink wallet. TRON became a partner of the site in June 2018, when Pornhub started accepting its TRX token for content.
Pornhub has also added support for adult industry-focused Cosmo Payment, which provides prepaid cards that can be sent funds. For performers in Australia and Puerto Rico, direct deposits have also been added.
PayPal’s decision to block performers’ payouts with little or no warning came in November. At the time, Pornhub said more than 100,000 performers who relied on PayPal “for their livelihoods” were affected.
The service removal left Pornhub offering payouts via direct deposits in some regions, bank checks and the verge cryptocurrency.
Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins
Paxos announced Tuesday a new feature allowing customers to automatically wire transfer funds from their bank accounts into either Paxos Standard or Binance USD stablecoins. Conversely, any PAX or BUSD sent to the designated address will be automatically wired back to the individual’s bank account in USD.Zach Kwartler, senior product manager at Paxos, told CoinDesk this functionality, dubbed Auto-Transfers, should be available with any bank in the U.S.
“The blockchain and the real financial world need to be closer together”, he said. “For us, our vision is to use this as an infrastructure layer, to get more and more dollars on the blockchain.”
The main use case for stablecoins to date has been as a tool for crypto trading, but Kwartler said this can aid payments use cases as well.
OKEx Launches Crypto Futures Settled in Tether Stablecoin
Cryptocurrency exchange OKEx is to launch a range of cryptocurrency-based futures contracts settled in the stablecoin tether (USDT).
The exchange will support USDT pairs including bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, XRP, bitcoin SV (BSV) and Tron (TRX) with leverage between 1 and 100x when trading commences on Nov. 6, according to a press release issued Tuesday.
The firm claims its linear futures contracts will be easier for newbie traders to handle, as holders do not have to hedge the margin risk as they would with inverse contracts.
“Most of the time, users are not willing to hold altcoins as margin, and they also see inverse contracts itself are complicated to understand. We see this linear contract would be an open door to many new retail traders”, said OKEx’s financial market director, Lennix Lai.
A stablecoin linked (or supposed to be) to the U.S. dollar, tether hasn’t yet been widely used as the basis for futures contracts, though CoinFLEX announced a similar product in January.
OKEx said it will continue looking into adding more stablecoin-based trading products in the near future. “We would continue to research and add stablecoin-based derivatives so to offer a simpler hedging instrument for traders who normally book their profit and loss in USD value”, Lai added.
To ensure price fairness across the market, OKEx’s tether futures contracts will be an average of cryptocurrency exchanges Huobi, Coinbase, Bittrex and Binance’s tether spot prices. Contract settlement will occur daily at 8:00 UTC.
