DAI Makes Waves in the E.U. Market
In a groundbreaking move, Ethereum-powered stablecoin DAI has officially joined the ranks of spendable currencies across E.U. stores. On October 29, financial platform 2Gether announced that users can now use DAI just like euros, wherever Visa cards are accepted. This makes DAI the first stablecoin integrated into the platform!
What This Means for Users
With this new feature, users can now swipe their dedicated cards to make purchases without incurring any fees. But wait, there’s more! DAI holders can also buy and sell 13 other cryptocurrencies without any pesky charges and send DAI to external addresses. The folks at 2Gether highlighted their vision:
“The addition of Dai to 2gether’s crypto catalog offers the possibility of operating with a cryptocurrency that’s both decentralized and stable at the same time.”
Tether’s Growing Influence in E-commerce
Meanwhile, Tether (USDT) is on the fast track to becoming the favorite stablecoin for e-commerce businesses. According to Paolo Ardoino, Tether’s chief technical officer, the company is making strides within the online shopping sector as merchants look for stable means of payment amid the volatility of traditional cryptocurrencies.
Why E-Commerce Loves USDT
Ardoino pointed out that Tether can significantly enhance transaction speeds compared to credit cards and conventional payment methods. He remarked:
“Merchants need to have a stablecoin in order to protect their businesses from the volatility of other crypto assets like Bitcoin. Tether is being widely used by merchants and e-commerce outfits.”
With reports indicating that USDT is gaining traction as a preferred payment option, analysts are even predicting that its usage might catch up with giants like Bitcoin and Ether.
The Legislative Landscape
But before you get too excited about the stablecoin revolution, there’s a cloud looming over this silver lining. The U.S. Congress is considering a draft bill that could classify managed stablecoins as investment contracts, effectively treating them like securities. This could put a serious damper on the widespread adoption of stablecoins as a staple payment method.
Concerns from Across the Pond
On top of that, the German government has declared intentions to make life difficult for stablecoins, asserting:
“It will be ensured that stablecoins do not establish themselves as an alternative to state currencies and thus call into question the existing monetary system.”
So while DAI and Tether are making headlines and expanding their usability, the road ahead might become a bit bumpy.
