Stablecoin gambling is a viable alternative to betting online with highly volatile cryptocurrencies. A stablecoin is pegged to a commodity or fiat currency, thus boasting a more stable price than other coins.
The most prevalent examples of stablecoins are Tether and USD Coin, though there are dozens available.
These algorithmic stablecoins are attractive to people looking to gamble with alternative currencies, as they reduce some potential risks associated with traditional crypto betting.
Here, we look at some main benefits of playing at the top stablecoin casinos like EVO.io. We also explain how gambling with digital currencies works and reveal how to get started at our highly rated betting platform, which offers provably fair games, the latest video slots, and a range of other immersive casino titles.
Different Types of Stablecoins
There are two main types of stablecoins: fiat-backed and commodity-backed. A fiat-backed coin is a currency that is pegged to the value of a traditional currency, most commonly the US Dollar.
Therefore, fiat currency serves as collateral and keeps the coin relatively stable, at least compared to the volatility of other cryptocurrencies.
The other type is the commodity-backed stablecoin. This digital token is pegged to the value of a commodity like gold or oil rather than a specific currency.
Stablecoins have become increasingly popular among crypto users, particularly for online gambling. Here are some of the most widely accepted stablecoins at crypto casinos:
- Tether (USDT): Tether is the largest stablecoin by market cap, with approximately 70% of the market share. It’s a great starting point for anyone interested in buying a stablecoin.
- USDC (USDC): Backed by the US Dollar, the US Coin is a stablecoin managed by Circle. It’s likely to gain significant traction as more US-based crypto investors enter the market.
- Dai (DAI): Dai is a decentralized stablecoin running on Ethereum, backed by commodities.
These are the most common coins for online gambling, but others include:
- First Digital USD (FDUSD) USDD (USDD)
- PayPal USD (PYUSD)
- TrueUSD (TUSD)
- Ethena USDe (USDe).
Benefits of Stablecoin Gambling
So, why should you gamble with stablecoins rather than other cryptocurrencies? Here are some of the benefits of playing at online casinos with stablecoins:
Price Stability Of Crypto Casinos
Increased price stability is perhaps the number one benefit of playing at online casinos that accept stablecoins. Online gambling is inherently risky, and playing with crypto, given its volatility, can increase this risk.
Switching to stablecoins is a way of mitigating the volatility risk of gambling with crypto. For instance, the value of the USD Coin is pegged to the US Dollar, making it more stable than other cryptocurrencies like Bitcoin or Ethereum. This increased stability is desirable to many gamblers.
Security and Trust
Transacting with stablecoins online can offer increased security. You don’t need to provide your banking details to transact, and there’s no need for expensive third-party payment providers.
Provided that you play at a trusted and secure stablecoin casino, betting with USDC or USD Coin is a brilliant way to tighten your online security when betting.
Accessibility For Stablecoin Gambling
There are fewer barriers to entry when gambling online with stablecoins compared to traditional fiat currencies like the US Dollar. You can join any legitimate betting platforms that accept stablecoins without requiring residence in a specific country, bypassing geo-restrictions.
Moreover, stablecoins are easier for people to buy. Anyone with access to the internet can set up a digital wallet to purchase a stablecoin. You can quickly transfer it to an online casino to play your chosen games.
Challenges of Using Stablecoins for Online Gambling
Despite the numerous benefits of using stablecoins at crypto casinos, there are some potential drawbacks to be aware of:
Regulatory Concerns
Cryptocurrencies lack the protection and regulation of fiat currencies. Therefore, when you sign up for stablecoin casinos, you must be aware of your country’s regulatory framework for crypto.
Stablecoins are illegal in some countries and strictly regulated in others. Moreover, there isn’t the same level of protection should something go wrong with a crypto or stablecoin purchase, so you need to take responsibility for all aspects of the transaction.
So, when choosing stablecoin casinos, vet them thoroughly and conduct independent research into their credibility.
Centralization Issues
Most stablecoins are issued by centralized entities, which, in essence, goes against one of the fundamental values of cryptocurrency. Also, as a stablecoin user, you must trust that the institution that backs the coin is legitimate while maintaining sufficient reserves. If not, the value of the coin can tank.
De-pegging is also a potential threat to stablecoin users. Market fluctuations or a loss of confidence in a coin can cause it to deviate from its intended peg, thus affecting its value with little notice.
Playing with Stablecoins at EVO.io
EVO.io is one of the world’s leading stablecoin casinos, offering jackpot slots, dice games, live dealer games, and even sports betting markets for stablecoin gamblers.
With several stablecoins, you can access our vast game library and play slot games from providers like Pragmatic Play and NetEnt.
Alongside cryptocurrencies like Bitcoin and Ethereum, we support stablecoin gambling with USDT and USDC. You can sign up and deposit at EVO.io in minutes before buying or transferring your chosen stablecoin to play real money casino games.
We also offer deposit bonuses and free spins at our online casino to new players. You can launch your account with a generous deposit bonus that helps you maximize the stablecoins available in your balance.
You can use the funds to place bets on slots, table games, and live dealer games. So, if you’re keen to gamble online with a stablecoin, create an account at EVO.io today.
Play Games At Online Casinos with Stablecoins Today
There’s no doubt that stablecoins offer a viable way to gamble online. Coins like USDT and USDC are less volatile than cryptocurrencies like BTC and ETH, reducing the risk associated with gambling with non-fiat currencies.
Stablecoins’ increased price stability, enhanced trust, and accessibility make them highly attractive to online gamblers and a great alternative to crypto and fiat currency betting.
EVO.io supports transactions in USDT and USDC, so sign up today to gamble online safely and securely with two of the world’s leading stablecoins.
