Stablecoin issuer Tether is joining the list of cryptocurrencies in Kenya.
Tether, or USDT as it is called by its symbol, is mainly hosted on the Ethereum blockchain and pegged to the US dollar. The cryptocurrency has joined the Yellow Card platform, allowing interested traders such as from Kenya to get a pie.
Yellow Card, an Africa-focused finance platform for trading cryptocurrencies, allows buying or selling of Tether using local currencies such as the shilling. The platform had gained popularity in countries such as Nigeria, Botswana, Cameroon and South Africa, and it’s partnership with Tether promises to lift uptake of this cryptocurrency in Kenya.
The Yellow Card will give a secure cryptocurrency wallet to Kenyans wishing to trade in Tether since it allows one to send, receive, and store cryptocurrencies. Tether was initially designed to be worth $1 always and therefore maintaining this value in reserves for each tether issued.
This is part of what has qualified Tether as a stable coin since it affords its users the benefits that come with a stable government currency while ensuring flexibility and ease of movement of the cryptocurrency.
“It presents an easy way for investors to trade one-to-one for the USD, without the volatility that comes with other cryptocurrencies,” says the firm.