The platform, operated by Monica Technologies Limited, has spent the last three years building automated crypto to naira conversion infrastructure for users looking to receive direct bank payouts without depending entirely on manual peer to peer coordination.

Its growing usage reflects broader changes within the Nigerian crypto market, where more users are prioritising instant settlement systems and smoother withdrawal experiences amid rising cryptocurrency adoption across the country.

The increasing use of stablecoins for business payments, remote work earnings and cross border transactions has also contributed to stronger demand for platforms offering direct crypto withdrawal Nigeria services.

Within the Lagos crypto ecosystem, Monica Cash is increasingly being mentioned among platforms helping users process faster payouts for BTC, USDT, ETH, BNB, TRX, SOL and USDC transactions.

An analyst familiar with Nigeria’s fintech market said users were gradually moving toward automated conversion systems that reduce delays and transaction coordination issues commonly associated with traditional P2P trading.

“Users now want crypto to naira platforms that can complete bitcoin withdrawals quickly without the delays often associated with manual peer to peer trading. Faster settlement is becoming one of the biggest priorities within Nigeria’s crypto market, and Monica.cash is increasingly becoming part of that shift,” the analyst said.

The analyst added that users within the market are beginning to describe Monica.cash as the best bitcoin app in Nigeria for everyday crypto transactions following conversations and posts about the platform on social media.

Nigeria remains one of Africa’s most active crypto markets despite uncertainty surrounding CBN crypto regulation and oversight of digital asset activities by regulators. Rising inflation, foreign exchange pressure and demand for alternative payment systems have continued pushing Nigerian cryptocurrency adoption higher.

Monica Cash currently supports automated conversion and withdrawal services that allow users to exchange BTC, USDT, ETH, BNB, TRX, SOL and USDC for naira within seconds through direct payout systems linked to local bank accounts.

“We are focused on making crypto to naira transactions easier for users who want direct withdrawals, smoother settlements and less dependence on manual peer to peer systems,” a Monica Cash spokesperson said.

Some users within Nigeria’s crypto community also pointed to the Monica.cash app’s zero fee crypto in Nigeria model for selected transactions as one of the reasons it has continued gaining visibility among traders and freelancers seeking quicker crypto cashout in Nigeria services.

The broader shift toward faster crypto to naira conversion systems is continuing to reshape how many Nigerian users handle bitcoin withdrawals, stablecoin settlements and digital asset payouts across the country.

That is where passive-income strategies come in. For many users, the goal is not to chase the highest possible return, but to find a balance between yield, flexibility, and simplicity.

Why idle crypto matters

A lot of crypto investors are not active day traders. They may hold BTC, ETH, or stablecoins while waiting for a better entry, a stronger market trend, or a future use case. During that waiting period, the real issue is efficiency: idle assets stay exposed to market conditions, but they do not generate additional return.

For beginners especially, that creates a practical need. The ideal solution is usually not “more trading,” but a lower-maintenance way to keep assets productive while preserving access when needed.

What passive income from crypto really means

In simple terms, crypto passive income means putting assets into a product or strategy that generates returns without requiring constant buying and selling.

The appeal is obvious: instead of trying to time the market every day, users can let idle balances work in the background.

But not all passive-income options are equally suitable for everyone. Some products lock funds for a fixed period, some expose users to more market or platform risk, and some require a much deeper understanding of how rewards are generated. For most readers, the right starting point is not the most aggressive option, but the one that matches their liquidity needs and risk tolerance.

What to look for in a beginner-friendly solution

Before choosing any crypto savings product, three questions matter most:

• Can I redeem funds when I need them?
• Is the reward mechanism easy to understand?
• Does this fit assets I already plan to hold?

Those questions matter more than flashy headline yields. A product that is flexible, clear, and easy to manage is often more useful than one that promises more but comes with extra restrictions or complexity.

Why flexible savings stands out

One common approach is flexible crypto savings. CoinEx’s explainer describes flexible crypto savings as a wealth-management model that allows users to earn interest on idle holdings without committing to a long lock-up period, and notes that users can subscribe and redeem assets at any time.

That feature changes the use case significantly. Instead of having to choose between “do nothing” and “actively trade,” users get a middle-ground option: keep assets available, but still let them generate yield in the meantime.

CoinEx’s blog also contrasts this with spot trading, explaining that spot trading focuses on buying and selling at market prices, while flexible savings focuses on earning passive income on idle assets without requiring active trading decisions.

A simple use case: CoinEx Flexible Savings

Imagine a user holding USDT while waiting for a market pullback, or keeping BTC and ETH in reserve for the medium term. In that situation, the assets may sit unused for days or weeks. Flexible savings is designed for exactly that kind of idle balance.

Users can place assets such as USDT, USDC, BTC, or ETH into Flexible Savings so the holdings can generate interest instead of remaining unused. That makes the product concept most relevant for long-term holders, cautious investors, and users who want to preserve optionality rather than lock capital away for a fixed term.

CoinEx Flexible Savings

CoinEx presents CoinEx Flexible Savings as a principal-protected wealth management product with instant subscription and redemption, designed to help users earn on idle assets while keeping funds accessible.

According to CoinEx’s official product page, interest begins accruing from the next full hour after subscription and is calculated hourly. It also states that rewards are credited daily, while redeemed assets are returned immediately to the user’s Spot account and stop earning interest once redeemed.

How the process works in practice

The appeal of flexible savings is that the workflow is usually straightforward. CoinEx’s help guide says users can log in, go to the Earn section, and enter Flexible Savings from there.

From that point, the typical process is to choose a supported asset, review the displayed APY, subscribe an amount, and let the balance begin accruing rewards under the platform’s current rules.

For readers, the important part is not the button-clicking itself, but what the structure offers: low operational friction, visible rules, and day-to-day liquidity. That combination is often what makes flexible savings more approachable than more complex yield products.

What readers should still check carefully

Even when a product is positioned as flexible and easier to use, that does not mean users should ignore the details. CoinEx’s product page shows that interest is based on the platform’s displayed APY and calculation rules, so users should always check the live product information before subscribing.

In practical terms, readers should pay attention to:

• Whether the asset is one they already intend to hold
• Whether the current APY is attractive enough for the trade-off
• Whether they may need immediate liquidity soon
• Whether they are comfortable keeping funds on the platform

Those checks are what turn a passive-income idea into a sensible portfolio decision.

A more useful way to think about idle assets

For many people, the question is not “How do I maximize yield at all costs?” It is “How do I avoid letting part of my portfolio sit completely idle?” That is a more realistic and sustainable starting point.

Viewed that way, flexible savings is less about speculation and more about capital efficiency. And for readers who want a relatively simple way to make dormant balances work without committing to constant trading, it can be a practical option to evaluate.

From the Spring 2026 batch, startups accepted into YC can choose to take the standard $500,000 seed investment in USDC instead of traditional bank transfers. 

The funds can be sent over Ethereum, Solana or Base, according to Nemil Dalal, a visiting partner at Y Combinator who focuses on crypto.

YC’s core deal remains $500,000 for 7% equity, but what changes is the rail the money travels on.

For founders operating outside the United States, especially in markets where they face banking delays and foreign exchange friction, the option is a big win. 

Stablecoin transfers settle almost instantly and cost a fraction of traditional wires. In some cases, the difference between waiting days and receiving funds in seconds can affect how quickly a young company gets off the ground.

Dalal said the appeal is strongest in emerging markets, where founders find cross-border payments stressful. Stablecoins remove many of those limitations without changing the economics of the deal.

Inside YC circles, the decision has also led to talks about risk. Founders are usually advised to keep operations predictable wherever possible. 

Build boldly, yes, but do not gamble with payroll, compliance or treasury management. Your startup is already risky enough.

That is still part of YC’s thinking. The accelerator is not asking founders to speculate or hold volatile assets. USDC is designed to track the US dollar, and YC is not encouraging startups to manage crypto portfolios. The option is about transfer speed and access, not financial experimentation.

“Stablecoins are one of the key pillars for us,” Dalal said. “So we just want to live and breathe that as well.”

This is the first time a top-tier accelerator has formally offered stablecoins as a default funding option. While crypto-focused venture firms have used similar methods for years, most established investors have stayed with bank wires. 

Dalal said he was not aware of any legacy venture capital firms that provide founders with this choice.

“We’re excited for a world where, in the future, we think a lot of startups will eventually start raising capital on-chain,” he said.

In July 2025, President Donald Trump signed a bill that set out regulations for crypto assets in the United States, giving stablecoins a defined legal footing. 

That clarity has changed how large institutions view digital dollars, moving them from the edges of finance into day-to-day infrastructure.

Responding to this, technology firms like Stripe completed a $1.1 billion acquisition of stablecoin startup Bridge in February 2025 and later backed its own blockchain built for stablecoin payments. 

Cloudflare announced plans to launch a stablecoin in September, while Klarna introduced a payments token in November.

These came during a period when crypto prices were increasing. Since then, the market has cooled. Bitcoin and other major tokens have slid towards multi-month lows, dampening enthusiasm in some corners of the industry.

Dalal argues that the slowdown has not affected interest in stablecoins.

“The excitement on stablecoins is just growing,” he said. “It’s actually agnostic of prices.”

Unlike speculative tokens, stablecoins are now used as plumbing, a way to move money quickly, cheaply and across borders without relying on correspondent banks. 

For startups, especially those hiring internationally or paying suppliers in different currencies, the utility is immediate.

YC’s move also aligns with its recent drive to attract more blockchain-focused founders. Last year, the accelerator partnered with Base and Coinbase Ventures to encourage startups building crypto-related products. 

Offering funding through the same rails those companies work on brings practice closer to principle.

For now, Y Combinator says the stablecoins funding option is voluntary. Founders who prefer traditional banking can stick with it. 

The venture-backed fintech platform has entered the South African market to support freelancers, immigrants, and informal businesses with faster, safer alternatives to conventional banking and remittance systems.

Unlike speculative crypto products, stablecoins such as USDC are designed for stability, pegged to the US dollar, and increasingly regulated across multiple jurisdictions.

USDC is a stablecoin issued by Circle, the now NYC stock exchange-listed company. As a Circle alliance partner, Lipaworld leverages this infrastructure to create financial access tools that are simpler, cheaper, and more transparent, especially for those operating outside the formal economy.

With more than $2 trillion in stablecoin transactions processed globally last year, these digital currencies are quickly becoming the backbone of global value exchange. In Sub-Saharan Africa, where remittance fees still average 7.9% to send $200, the need for low-cost, high-speed financial tools is urgent and growing.

Founded by African entrepreneur and Western Union Foundation Fellow, Jonathan Katende, Lipaworld is built on lived experience.

Born in the Democratic Republic of Congo (DRC) and raised in South Africa, Katende knows firsthand how difficult it is to move money across borders affordably and with dignity.

“We are not here to hype crypto. We are here to offer real financial access to people who have been overlooked or underserved by traditional systems,” says Katende, now based in the United States. “Stablecoins are not a fad. They are a regulated, reliable way for people to take control of their finances, build economic resilience, and participate fully in the modern economy.”

A simpler, safer alternative

At its core, Lipaworld allows users to earn dollarised income with a virtual bank account, send funds using stablecoins back home, and spend their stablecoins in its marketplace for local products using USDC.

By bypassing high fees, FX markups, and third-party hold-ups, the platform puts users in control of their funds through a self-custodial wallet that operates much like a familiar money app.

“Our UX is intentionally simple. We hide the complexity so people can just get on with their lives. Behind the scenes, we are using stablecoin wallets, but the experience is no different than a familiar money transfer or payment app, except it works better,” says Katende.

Built for South Africa’s informal economy

South Africa’s informal sector remains largely excluded from formal finance. Freelancers often wait days to receive international payments. Immigrants pay exorbitant fees to send money home. Small businesses struggle to operate digitally or access credit.

Lipaworld aims to solve this and eventually evolve into a full ecosystem that includes credit offerings and merchant tools. For instance, a freelance graphic designer in Cape Town can now invoice in digital dollars, get paid in minutes, and send value to family in Zimbabwe without touching a bank.

“When we talk about financial inclusion, we cannot stop at opening a bank account. If people are withdrawing everything at the ATM at the end of the month and avoiding transaction fees, the system is broken. We see a leapfrogging opportunity to build something that works better from the ground up using stablecoins,” says Katende.

Regulatory commitment

In a space often clouded by hype and confusion, Lipaworld is committed to transparency and regulatory alignment. The company partners with licensed Payment Service Providers (PSPs) in each market it operates in and remains deeply engaged with policymakers to ensure innovation supports, rather than circumvents, regulatory priorities.

“We are pro-regulation. We do not believe in working around the rules. Instead, we believe in working with them. But innovation needs air to breathe. We want to help regulators see stablecoins as safe, useful, and aligned with the public good,” he concludes.

While many consider investing in crypto to hedge against currency inflation, some skip the volatility for stablecoins’ stability.

Stablecoins are dollar-pegged cryptocurrencies like USDT, USDC, BUSD, etc., offering the benefits of crypto without the volatility risk.

While these coins do not promise a 10x moonshot, they offer the means for Nigerians to save in dollars.

Furthermore, platforms like Dtunes.ng allow quick cash-to-crypto conversion, without paperwork or forex queues.

Why Nigerians Are Holding Stablecoins

Nigerians have found a new affinity for stablecoins, and the reasons are rooted in the country’s harsh economic realities.

The Naira has lost significant value since 2023, as the Naira to dollar rate has risen from N388 to N1550. Amid this, the price for day-to-day goods has more than doubled, while salaries and Naira savings have remained stagnant.

For many, stablecoins have become useful as modern-day digital savings accounts. Besides, stablecoins are more accessible dollar currency to many Nigerians compared to dorm accounts or foreign exchange from financial institutions.

With platforms like Dtunes.ng, you can easily log in to the app and have your stablecoins in USDT or USDC in minutes.

What The Experts Are Saying

A Chainalysis report from October 2024 highlights Nigeria as a top global player in the crypto market. According to the report, Nigeria ranked second worldwide in the Global Adoption Index, with African countries like Ethiopia (26), Kenya (26), and South Africa (30) also making the top 30.

This report further highlighted the growing need for accessible financial services, hedge against inflation, payments for business, and retail-sized transfers as key drivers of this increasing adoption in Sub-Saharan Africa. Chainalysis reported that stablecoins accounted for 43% of the region’s total transaction volume between July 2023 and June 2024. 

Furthermore, the report recognized Nigeria’s role as a major player, highlighting the naira devaluation fueling stablecoin usage.

Nigeria reportedly processed approximately $59 billion in crypto transactions during the monitored timeframe. 85% of those transactions are under $1 million, indicating a solid presence of smaller retail and professional transactions.

On the ground, Nigerian freelancers, traders, and tech-savvy savers have prioritized the stability of stablecoins over speculation on other crypto assets. Considering recent economic realities, experts believe stablecoins might be the smartest hold for Nigerians.

Both Sides of The Stablecoin

Stablecoins offer the preferred middle ground for Nigerians who do not want to save in Naira, and do not want exposure to the price fluctuations of cryptocurrencies like Bitcoin or Ethereum. The key benefit of stablecoins is their stability.

Pegged 1:1 to the dollar unlocks global utility and preserves your purchasing power while the local currency slides. 

Amid the forex scarcity in Nigeria over the past years, stablecoins offer much more liquidity as platforms like Dtunes.ng let you sell within minutes.

Beyond that, there are multiple opportunities for passive earnings on stablecoins. Some crypto wallets and DeFi platforms offer up to 5 – 10% APY on stablecoins, allowing you to put your money to work.

Download Dtunes app here

However, there are two sides to a coin, so let’s discuss potential limitations or risks to stablecoins.

Stablecoins come with a centralization concern as opposed to many other cryptocurrencies. Private companies issue stablecoins like USDT and USDC and this means they can blacklisted, frozen, or restricted based on internal policies or external pressure from authorities.

While they still offer the same privacy as cryptocurrency, this highlights a major misconception for many new stablecoin users. 

Also, these centralization elements pose a counterparty risk for stablecoin holders, like most financial companies do. Your funds could be affected if the issuing company mismanages the reserves or faces legal trouble.

The collapse of TerraUSD (an algorithmic stablecoin) in 2022 is a cautionary tale for potential stablecoin holders.

However, it’s important to note that stablecoins like USDT and USDC are fiat-backed and have been considered some of the more secure stablecoins for individuals.

Depegging is one of the biggest risks with stablecoins, which is when a stablecoin loses its 1:1 peg to the US dollar.

The TerraUSD collapse started as a simple depeg. However, the lack of true reserves combined with market manipulation resulted in a massive price crash and huge losses for the stablecoin holders.

Moreover, fiat-backed stablecoins like USDT and USDC have seen temporary depegs, often triggered by negative news about the issuing company or liquidity pressure. Nevertheless, it has proven to be nothing to worry about over the years.

Final Thoughts

While stablecoins may not always be the wise investment choice, they make the most sense for Nigerians. The coins offer a safe parking spot between keeping savings in Naira and crypto volatility, as the risk of a Naira devaluation lingers.

They have proven to help protect value, stay liquid, and provide money without friction for most Nigerians over the past few years. And sometimes not losing is the smartest move rather than chasing pumps.

This collaboration marks a significant step towards compliantly leveraging stablecoins and blockchain infrastructure to boost Onafriq’s payment network, positioning it at the forefront of the digital payment’s revolution for real-world financial applications.

Currently, over 80 percent of intra-African payments are routed through correspondent banks outside the continent and settled in foreign currencies such as the US dollar or Euro.

This results in a staggering US$5 billion in transaction fees annually and undermines economic integration efforts.

Onafriq and Circle are working together to change this paradigm by piloting the use of USDC-powered settlement solutions into Onafriq’s network, which connects over 500 wallets and 200 million bank accounts in more than 40 African markets.

Dare Okoudjou, Onafriq’s founder and CEO, said:

“Our partnership with Circle is an important milestone, reinforcing Onafriq’s commitment to harnessing technology to remove complexity from cross-border payments. By integrating USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs, and strengthen trust. This collaboration underscores our vision to democratise access to payments and drive financial inclusion across the globe. We’re not just envisioning the future of payments – we’re actively building it.”

Miriam Kiwan, vice president, Middle East & Africa at Circle, said:

“The emerging markets that Onafriq serves hold tremendous potential for digital asset innovation, particularly in the adoption of stablecoins for cross-border payments. Our partnership with Onafriq aligns perfectly with Circle’s mission to promote financial inclusion and improve efficiency in areas where traditional banking has often been costly and inaccessible. Together, we aim to transform how money moves across borders, offering secure and transparent digital payment rails that enhance economic empowerment and connectivity.”

This collaboration is a major step toward a more inclusive and self-reliant pan-African financial system.

It signals a new phase in the modernisation of African payment rails – one where blockchain technology is applied responsibly, in lockstep with regulators and financial institutions, to build a faster, more efficient, and economically empowering future for the continent.

Traditional cards with limited spending caps can be inconvenient. Users often face declined transactions when trying to make large purchases, struggle to top up their balance quickly, and constantly have to monitor their limits to avoid card blocks.

These issues become even more significant when shopping on international platforms. Due to currency conversion and additional fees, global shopping can become very costly.

The Ultima virtual card from PSTNET offers a solution to all these problems. It imposes no spending limits on its users.

With it, you can easily buy plane tickets, book hotels, pay for digital service subscriptions, purchase clothing and accessories, and even make large transactions. For example, you can order electronics or designer furniture from overseas stores.

PSTNET Virtual Cards for Global Shopping

PSTNET issues virtual cards for media buying with a 3% cashback on online transactions. The Ultima, virtual card for shopping, is ideal for active users who regularly make online payments and use their card for global purchases. PSTNET offers free cards when a certain monthly spending threshold is reached.

All PSTNET cards are highly secure, featuring 3D Secure technology and two-factor authentication.

Ultima is an unlimited card, meaning there are no restrictions on how much you can top up or spend.

Additionally, it has a favorable fee structure:

• 0% transaction fee
• 0% fee for declined transactions or transactions on frozen cards
• 0% withdrawal fee
• 2% top-up fee
• $7 monthly maintenance fee
• $99 annual maintenance fee (currently available at a 48% discount)

Moreover, users can issue an unlimited number of Ultima cards to manage their expenses.

For companies and businesses, PSTNET offers the option to create branded White Label cards. These cards can be integrated into brand products, allowing companies to offer additional services and enhance customer loyalty.

How Does the Ultima Card Work?

To start using the Ultima virtual card, simply complete a quick registration on the PSTNET platform. The process takes just a few minutes and requires you to create an account via Google, Telegram, WhatsApp, Apple ID, or email. Once registered, you can issue the card through your user dashboard.

Immediately after issuance, the card becomes active, and you can top up your balance. It’s important to note that user verification is only required if the top-up amount exceeds $500. This threshold acts as an additional security and transparency measure.

The Ultima card is suitable for converting crypto assets into fiat money with automatic conversion. It’s accepted wherever Visa and MasterCard are, making it a versatile tool for global shopping.

Topping Up Your Ultima Card

The Ultima card can be topped up in several ways:

It supports 18 cryptocurrencies, including BTC, USDT (TRC 20, ERC 20), ETH, BNB, XRP, TRX, BCH, USDC (Ethereum), USDC (Tron), ADA, SOL, MATIC, BUSD, LTC, DASH, DOGE, TON, and USDT.

Additionally, the card supports top-ups via SEPA/SWIFT bank transfers and other Visa or MasterCard cards.

To top up your card, simply log in to your user dashboard and choose your preferred funding method. With a wide range of supported currencies and top-up methods, you can easily manage your finances and transfer funds to your card anytime.

User Interaction and Support

For user convenience, PSTNET offers several channels for technical support. You can reach out for assistance via Telegram chat or use other communication methods like live chat or WhatsApp.

Additionally, there’s a special Telegram bot that sends service notifications and 3D Secure codes, helping maintain a fast interaction with the system and protect user payment data.

Conclusion

The Ultima virtual card from PSTNET is a convenient and secure solution for safe global shopping. Its main advantage is the absence of spending limits and transaction fees, making it ideal for active users. The support for multiple cryptocurrencies and fiat currencies, along with easy registration, makes the card accessible to users of all experience levels in financial technologies.

Moreover, PSTNET offers opportunities for businesses by creating branded White Label cards, which can be a powerful tool for increasing customer loyalty and providing additional services.

For those who frequently shop online or work with cryptocurrencies, the Ultima card is a simple and cost-effective way to manage finances and make purchases worldwide.

Luna classic and Luna 2.0

• 56% of the panel think it was inappropriate for exchanges to support the Luna 2.0 token just weeks after the collapse of Luna classic. 22% said it was appropriate and 22% were unsure.

• Luna 2.0 is predicted to be worth $0.84 by the end of the year and $0.46 by 2030.

CoinFlip founder and chairman, Daniel Polotsky: 

“I believe the Luna brand will likely be damaged goods for the remainder of its existence (at least within the blockchain field). An algorithmic stablecoin based on trust is feasible, but it will most certainly not be hosted on a blockchain called Luna. Even without the algorithmic stablecoin, I believe Luna has left a sour taste in too many people’s mouths to make any sort of noteworthy comeback.”

Algorithmic stablecoins

• Nearly three quarters (73%) of the panel think regulators will demand that stablecoins are fully collateralized by non-crypto assets as a result of the TerraUSD collapse. 10% think the contrary and 17% are unsure.
• The panel thinks Tron USD (88%), Neutrino USD and Magic Internet Money (81% each) are the algorithmic stablecoins most at risk of losing their peg.

University of London co-director at The Centre of FinTech, Dr Iwa Salami:

“It is vital that stablecoins are regulated if the credibility of the crypto-industry is to be regained. If the main feature that is meant to guarantee stability in the space is the very source of its vulnerability, then that is a big problem that needs to be addressed and best so through regulation.”

Thomson Reuters technologist and futurist Joseph Raczynski:

“Stablecoins need to be broken into at least two classes, algo and backed tokens. The Luna example, like five others before it, show thus far algos do not make sense. They need to be backed by something more tangible. Regulators need to draw a distinction between these two groups and not bucket them together.”

Tether

• A third (33%) of the panel don’t think Tether’s reserves are adequate to cover the number of USDT tokens in circulation. 38% believe the contrary and 29% are unsure.
• A quarter (24%) of the panel said it was a ‘big risk’ for Tether not to specify which non-US government bonds it was partially backed by.

Digital Capital Management MD Ben Richie:
“The reserves in the transparency section on Tether’s website seem well-diversified, but an enormous redemption may affect its peg with the USD. The market volatility may also affect some of the assets in reserve, which is a little confusing whether the USDT is 100% backed or not. The non-US government bonds may pose a relatively small risk as the allocation is too small for the whole reserves.”

CoinFlip founder and chairman Daniel Polotsky:

“Tether should do a better job of being transparent with Web3 participants. With so much daily trading volume relying on USDT, Tether should be audited by a prominent accounting firm and release the results publicly. Tether should also only back each USDT with an actual dollar, as the price of non-US government bonds can fluctuate and potentially break USDT’s peg during price declines.”

University of Canberra senior lecturer John Hawkins:
“Tether’s track record of not revealing its asset backing leaves it vulnerable to the equivalent of a bank run.”

USDC

• 59% say now is the time to switch to USDC given it has a more favorable regulatory status and DeFi capability compared to Tether.

• 78% think USDC will usurp USDT as the leading stablecoin in the market. 22% think this will happen as soon as the end of the year.

Swinburne University of Technology director of Tech Innovation and Entrepreneurship Dimitrios Salampasis:

“I am of the opinion [that] USDC is safer, more transparent and more compliant towards governmental regulations. Moreover, USDC has more transparency in relation to its reserves. I still have not seen a full and proper audit from USDT.”

CloudTech Group COO Kevin He:

“In addition to the hidden problems with the liquidity of collateral for stable coins, even if the collateral is all in US dollars, who will be supervising this money? Blockchain value exists in consensus, because USDT’s user base is large leading USDT has a strong consensus, as long as this user consensus is in place there will be less concern, however, when people start questioning about the stablecoin and its backed assets, it then comes under the pressure of a run, leading to the occurrence of depegging.”
Swan.com CTO Yan Prtizker:

“Whoever is most transparent will survive in the near term. Long term stable coins will be extinct.”

You can find the full report HERE.