Great News, Stablecoins are coming to P100!
From now on, all users will be able to use 3 of the best stablecoins on the market: USDC, USDT, and EURt in P100 App. Buy, exchange, send, and pay anywhere in the world using these stablecoins. Read about what stablecoins are, why the available stablecoins in P100 are so good, and how to buy them below.
What are Stablecoins?
Stablecoins are primarily just like Bitcoin and Ethereum digital assets, but what is different is that they are designed to maintain a stable value. Unlike cryptocurrencies such as Bitcoin, which is often seen as a speculative asset prone to rapid price fluctuations, stablecoins provide a priority of providing predictability and security for users.
Best Stablecoins
USD Coin (USDC) is a stablecoin, widely recognized for its stability and reliability. It operates on the principle of being pegged to the US Dollar (USD), making it a one-to-one digital representation of this trusted fiat currency. The key to USDC's success lies in its transparent reserve system, where each USDC token is backed by an equivalent amount of USD held in reserve by regulated financial institutions.
USDC's popularity extends to various use cases within the cryptocurrency ecosystem. Traders frequently use it to hedge against the volatility of other digital assets, making it a preferred choice for transitioning in and out of cryptocurrency positions. Moreover, it offers a seamless gateway for investors and institutions seeking to participate in the digital economy while maintaining the familiarity of the USD.
Tether (USDT) is one of the earliest and most widely recognized stablecoins. It works on a principle similar to USD Coin, pegging its value to the US dollar. However, Tether's reserve is made up of various assets such as fiat currencies and commercial paper, which gives it flexibility and liquidity.
The use of USDT goes beyond trading, as it plays a crucial role in cross-border money transfers and settlements. In addition, it has found a niche in the DeFi ecosystem, where it serves as the main collateral asset for lending and borrowing platforms.
Euro Tether (EURt) is a stablecoin, like USDT and USDС, EURt maintains a value that mirrors the value of the euro in a 1:1 ratio. The value of EURt is ensured by a combination of assets, including the euro and other instruments, which guarantee its stability.
Whether it is used for trading, cross-border transfers, or simply for safe storage of funds, EURt is a reliable stablecoin for those who prefer transactions in euros without the volatility that other cryptocurrencies have.
How to Buy Stablecoins?
1. Choose a Reliable Application
To get a good experience and avoid problems in the future, it is very important to choose a reliable app for buying stablecoins. We recommend using P100, The Digital Money App. It is a safe and reliable app that allows to buy stablecoins and other crypto quickly and confidently.
2. Download P100 and Verify Your Identity (KYC)
After downloading the P100 app, the next step is to complete the identity verification process, known as KYC (Know Your Customer). This verification is a straightforward procedure and can be completed in just a few minutes. Once your identity is verified, you're ready to move on to the main phase of purchasing stablecoins.
3. Purchase Stablecoins
Upon confirmation of your transaction, you will see the stablecoins in your internal custodial wallet within P100.
4. Get Full Access to Your Funds
If you prefer to have full control over your stablecoins, you can easily transfer them to your P100 self-custody wallet. For a more comprehensive understanding of the distinction between custodial and self-custody wallets, you can explore our informative article on this topic here.
By following these steps, you can securely and conveniently purchase stablecoins, harnessing their stability and utility for various financial needs.