CoinLoan is excited to announce that we’ve listed Dai (DAI) and ERC20-based Tether (USDT) stablecoins on our lending platform and crypto exchange. Being backed by stable assets, stablecoins combine the best of the crypto and fiat worlds to create new opportunities and use cases.
For instance, stablecoins can be a possible solution to the high volatility that cryptocurrency faces today. Also, they are used for convenient cross-border and cross-platform funds transfers, which are unavailable for fiat funds.
CoinLoan loves introducing stablecoins because they offer CoinLoaners a safe way to store value within the crypto space. Please note that TUSD, USDC, PAX, and PAXO have also been added to the CoinLoan platform. Currently, these stablecoins are available for lenders and borrowers in the My Wallet tab.
Keep in mind:
- DAI and ERC20-based USDT can be used as loan currencies on the CoinLoan lending platform;
- BTC, BCH, ETH, LTC, XMR, CLT, and ONT can be used as collateral for loans in DAI and USDT;
- Both DAI and USDT can be bought and sold for cryptocurrencies on the CoinLoan crypto exchange.
What is DAI?
The Dai stablecoin is a collateral-backed cryptocurrency whose value is stable relative to the U.S. dollar. It is a standard Ethereum token adhering to the ERC20 standard.
Unlike other stablecoins, DAI is entirely decentralized. Its low volatility makes DAI coins the perfect medium for a stable, predictable loan.
Learn more about DAI stablecoins here.
What is USDT?
The Tether stablecoin was designed to build a necessary bridge between fiat currencies and cryptocurrencies, offering stability, transparency, and minimal transaction charges to users. Value-wise, USDT is pegged against the U.S. dollar.
Tether’s relationship with the cryptoasset industry can be described as “permanently ambivalent.” Although Tether has the highest market volume among all stablecoins, there has been rife speculation that Tether does not back their issuing with real dollars from customers and investors. However, in the first half of 2019, Tether’s banking arrangements have seemed to stabilize.
Learn more about USDT stablecoins here.
How to use DAI and USDT on CoinLoan
To invest using DAI or USDT, you must first deposit the stablecoins into your CoinLoan wallet. To do so, please visit the My Wallet tab.
Alternatively, you can visit CoinLoan’s Crypto Exchange and convert your existing crypto (BTC, BCH, ETH, LTC, or XMR) into the desired stablecoins. Please visit CoinLoan’s Lending Guide for more detailed instructions.
Are you interested in crypto-backed lending? Check out CoinLoan’s Lending Market to find a proposal and issue a loan in just a few clicks!