Like other cryptos, Tether (USDT) is based on blockchain platforms. It operates via the Omni Layer protocol on the Bitcoin blockchain as well as via the ERC20 protocol on the Ethereum blockchain. The Omni platform is used for a number of digital assets, all of which are anchored to Bitcoin. Ethereum-based USDT came into the scene after BTC-based ones but has since taken dominance.
The essence of stablecoins like Tether is to keep crypto values stable given the wild price swing characteristic of the crypto asset class. In order to ensure its stability, it has its value pegged to fiat currencies like the USD, EUR and JPY. The most popular peg Tether uses is USD, which basically means that each individual USDT token has the backing of one US dollar.
Additionally, similar to other stablecoins, USDT is issued by a centralized company. The role of this company is to put up collateral so as to manage the supply of the currency. Tether Limited, the company behind USDT, claims to hold US dollars in reserve equivalent to the number of USDT tokens in circulation.
However, there are some stablecoins that have gone against the grain to adopt a decentralized model. One such exception to the rule is DAI, a cryptocurrency backed by a cryptocurrency. It has the backing of Ethereum and makes use of smart contracts to defy crypto volatility. Instead of keeping reserves of ETH coins, it locks them in smart contracts that are run by algorithms.
Despite being a centralized token, Tether has never before been censored. Recently, some central banks have started pushing for heavy regulation on stablecoins. However, they are only recommending the prohibition of decentralized stablecoins, not centralized ones like USDT.
As mentioned above, Tether is ERC20-compatible since it is based on the Ethereum protocol. Therefore, for an Ethereum casino that already accepts other ETH tokens, it is easy to add USDT. This explains why there are numerous casinos accepting Tether. But what advantages can players enjoy from using Tether casinos? Let’s find out.
Why Do Players Use Tether Casinos?
Crypto casinos are a relatively new phenomenon, being only a few years old. A majority of the casinos that first embraced the world of digital assets only supported bitcoin. But with time, they have extended their services to include other cryptos as well, and this includes Tether.
Consider a few features of Tether that draw players in droves to USDT casinos:
Stable
As the name ‘stablecoin’ suggests, the main highlight of Tether is its stability.
Stablecoins were created with the key objective of providing crypto users with a stable alternative to bitcoin and other digital assets. Since its value is pegged to a relatively stable fiat currency, it is a stable cryptocurrency.
Though cryptos offer numerous advantages for use in casinos, their volatility is one of the major downsides. But with stable cryptocurrencies, casino users have the opportunity to play in casinos using crypto without having to worry about this.
Fast
As is the case with most cryptocurrencies, the use of USDT offers faster processing times than when using fiat money. While fiat bank transfers can take between 3 and 5 days to process, crypto transfers may be instantaneous or can take only a few minutes depending on the blockchain network.
This makes it easy to make deposits and withdrawals, without having to wait for days for the cash to reflect. In addition to being able to shift funds rapidly, players can also take advantage of arbitrage opportunities thanks to this speed.
Anonymous
Gambling with USDT makes it possible for players to access casino services anonymously. There are plenty of players who like to keep things private. That way, no third parties can get access to their personal information and no one has to know when they win or lose.
Low Fees
Fiat transfers are rather expensive. To illustrate, consider the cost of a SWIFT (Society for Worldwide Interbank Financial Telecommunication) transfer. Typically, it ranges between $20 and $30. Moreover, when using a fiat currency that a particular bank does not support, you will also have to pay a foreign currency conversion fee.
On the other hand, Tether offers a unique fee policy, charging no transaction fees for transfers between USDT wallets. This makes a world of difference for a casino player.
The Best USDT Casino Games
A majority of crypto casinos offer the same games to their fiat currency users and those who use Tether and other cryptocurrencies. However, there are unique games that you can only play with crypto. A major advantage of playing these games is that they usually have low house edges, meaning more winnings for you.
Take a look at some of them:
Moon Game
Cryptocurrency investors are always hoping the price of their holdings go to the moon. While this may not be likely with Tether, the Moon Game gives you an opportunity to cash in on the concept. It’s all about gambling on how high a rocket will reach before crashing.
Goals
For soccer lovers, this game will be an instant hit. It’s all about trying to score against a seasoned keeper. At its lowest levels, you get two chances of winning and one chance of going bust. As you get to higher levels, the chances of winning reduce but the payouts increase.
Cryptoskull
On this adaptation of Minesweeper, you need to cross a minefield and win prizes along the way. You can turn back at any point and if you do not step on a mine, you get to keep the reward.
Over 18 only. Terms & Conditions apply.