Crypto casino and sportsbook Cloudbet has added USD Tether to its customers’ portfolio of coins, which marks the operator’s first foray into stablecoin betting.
After a month of testing with a select sample of players, Cloudbet has now made it possible for all of its customers to deposit, withdraw and bet on USDT, the digital token whose value is linked to the US dollar.
Cloudbet has been striving to build a reputation as “a trusted bitcoin operator” since its launch in 2013, adding Bitcoin Cash early in 2018 and Ethereum earlier this year. USDT and Ethereum are among the host of new features on Cloudbet’s new website, launched in late April by the company.
Stablecoins such as USDT have been proposed as a solution for players seeking to protect the value of their cryptocurrency winnings against the extreme price fluctuations experienced by non-stablecoin holders.
Since its value is set with the USD on a 1-to-1 basis, the fiat value of Tether winnings does not fluctuate along with the market values. For this cause, to enjoy the benefits of cryptocurrency gaming, stablecoins have been presented as the secret to winning over a more fiat-friendly public.
“We’ve accelerated our feature rollouts tremendously, thanks to the systems and processes we put in place to build the new website. The market can look forward to many more new features and new coins in the coming months.
“Since launch, a fundamental part of our philosophy has been about empowering players with technologies that solve their problems. USDT and stablecoins are an extension of that.”
After its inception, Cloudbet has taken over 10 million crypto wagers, and is completely authorised and supervised in over 100 countries with happy customers.
We’ve just launched #USDT as our fourth currency!
Whilst you may know that it’s pegged to the US dollar, we’ve provided some insight into USDT and how its simplicity is helping pave the way for #crypto.
— Cloudbet (@Cloudbet) May 28, 2020