New cryptocurrencies on 1xBit: Stablecoins!

One of the leading cryptocurrency sportsbook and casino made an important announcement – the platform adds 4 new coins to use for betting.

This time it is all about the stable coins. Right from this moment, such cryptocurrencies as Tether, USD Coin, True USD, and PAXOS Standard Token will be available for platform users, broadening already vast coin portfolio – more than 20 different digital assets are now available to use on 1xBit.

Players can now bet on football matches, gamble in the online casino, as well as bet on eSports games such as Dota 2, Overwatch, CS:GO, Starcraft, League of Legends, Rocket League, Rainbow Six, NBA2K, Call of Duty, and other eSports, using stablecoins. This is great news for everyone since those cryptocurrencies had been highly anticipated by the platform community – as all these assets are extremely stable and are not subject to volatility.

Why stableсoins?

Stablecoins are cryptocurrencies that are pegged to another stable and reliable physical assets – it may be gold, oil or the U.S. dollar, etc.

stablecoins

This kind of digital assets is global; however, it is not tied to a central bank or institution and has extremely low volatility, since the price is directly dependent on the rate of the real asset.

Reliability allows much more practical implementation and use of stable coins in everyday life unlike the other assets: with it, we become closer to reality in which one can easily pay for a coffee, lunch or bar drinks with crypto. Moreover, making bets is also becoming safer with it.

New digital assets 1xBit adds to the platform

Tether, USD Coin, True USD, and PAXOS ST represent successful and convenient digital payment solutions.

Tether (USDT)

The very first stablecoin in use is also the most popular nowadays, having the largest capitalization among similar assets. Tether USDT is 100% backed secured by fiat assets in reserve accounts such as the U.S. dollar, Euro, Yen, and other major fiat currencies. The Tether platform is built on open and transparent blockchain technologies and Proof-of-Reserves concept. The #1 stablecoin current price is $1.01.

At the moment, USDT holds the 7th place among all cryptocurrencies with a capitalization of over $4 billion according to the latest coinmarketcap.com data. 

USD Coin (USDC)

USDC is a product of Coinbase and Circle joint development – this cryptocurrency is the digital equivalent of the U.S. dollar. It can not be bought or sold for USD; however, direct conference ratio of 1 to 1 is available. It is currently on the 29th position by capitalization with a market cap8 of $408 million. The stablecoin is currently trading at $1.00.

TrueUSD (TUSD)

 TrueUSD is a regulated exchange-independent stable coin backed 1-for-1 with the U.S. Dollars. The developers managed to conclude an agreement with WilmerHale and White & Case and involve trust companies in cooperation. The asset in on the 38th place by market capitalization, which is $207 million. At the time of writing, TUSD was trading at $1.00.  

Paxos Standard Token (PAX)

This stablecoin appeared back in 2018 and quickly got the support of major representatives of the cryptocurrency industry. The PAX token is secured by the U.S. dollars as 1:1 and approved by the New York Financial Department. PAX’s market capitalization is $167 million, and it takes 42nd place in terms of market capitalization among all cryptocurrencies. 

Shaping a better future for crypto betting

With 24 cryptocurrencies now supported, 1xBit offers a wide range of convenient options for betting – take your pick. Using stablecoins, players who seek stability in their winnings can now be sure that their prize value will not change over time. Among platform’s forthcoming plans the main priority is to add support for all the high-performing market digital assets.

Never miss out on our daily crypto news, stories, tips, and price analysis.  Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter