Eversend has announced an exciting new feature for its customers. Users can now fund their wallets with Stablecoins, providing them with increased flexibility and control over their digital assets.
This feature marks a significant shift in Eversend’s approach to handling Stablecoin deposits, offering users the option to keep their funds in their original form rather than automatically converting them to USD.
What are Stablecoins?
Stablecoins are a type of cryptocurrency designed to maintain a stable value by pegging their price to a reserve asset, such as a fiat currency like the US Dollar or a commodity like gold. Unlike other cryptocurrencies like Bitcoin or Ethereum, which are known for their price volatility, Stablecoins aim to provide stability and act as a reliable medium of exchange.
Why are Stablecoins Popular?
Stablecoins have gained significant popularity in recent years due to several key reasons:
- Price Stability: As the name suggests, Stablecoins offer stability in value, which is highly desirable for users who want to avoid the extreme price fluctuations commonly associated with other cryptocurrencies. This stability makes Stablecoins more suitable for everyday transactions and financial activities.
- Reduced Transaction Costs: By using Stablecoins, users can minimize transaction costs typically associated with traditional banking systems. Stablecoins leverage blockchain technology, allowing for faster, cheaper, and more efficient transactions compared to traditional methods.
- Global Accessibility: Stablecoins provide a way for individuals in countries with volatile economies or limited access to traditional banking services to participate in a global financial ecosystem. These digital assets can be easily transferred and exchanged across borders, empowering individuals to engage in international trade and financial activities.
- Decentralization: Like other cryptocurrencies, Stablecoins are built on decentralized blockchain networks, removing the need for intermediaries such as banks. This decentralized nature enhances security, privacy, and transparency, as transactions are recorded on a public ledger that can be audited by anyone.
What’s New with Eversend?
With the latest update, Eversend is empowering its users by allowing them to deposit and store Stablecoins directly in their wallets. Previously, deposited stablecoins were automatically converted to USD, but now, users have the option to keep their funds in their original form.
The key features of this update include:
- Stablecoin Deposits: When users deposit stablecoins into their Eversend wallet, the funds will remain as stablecoins, eliminating the need for automatic conversion.
- Self-Managed Exchanges: Eversend users now have complete control over when and how they exchange their stablecoins for USD or other supported currencies. This gives them the flexibility to choose the most favorable exchange rates and times according to their preferences.
- Accessing Stablecoins: To view and manage their stablecoin balance, users can simply tap the ‘More’ option in the Eversend app and select ‘Stablecoins.’ This dedicated section allows users to monitor their stablecoin holdings and make informed decisions regarding their financial assets.
