How to Use Stablecoins for Safer Crypto Casino Gaming

Many users are used to using cryptocurrency for gambling. And many casinos support cryptocurrency and are opening up new possibilities of blockchain and its technology to players. Users are already aware of the incredible benefits of crypto casinos and their differentiating factors from traditional casinos.

But what should players who want to experience a new gaming experience based on blockchain and all its interesting mechanics, but do not want to depend on the floating rate of various cryptocurrency coins? This is when the decision to use stablecoin comes to the rescue. But what it is and how it works with crypto gambling is worth understanding in more detail.

What are Stablecoins

Cryptocurrency has many coins and their exchange rates vary between each other and between real fiat money. Stablecoins are just that, stablecoins that are tied to real assets, and each stablecoin is backed by a corresponding reserve. Assets can be different, such as the U.S. dollar or euro, gold, or even commodities.

Unlike other crypto coins, such as Bitcoin or Ethereum, which have high volatility and therefore can be subject to price fluctuations, stablecoins solve this problem and fix their price 1:1 to the backed asset.

Top 5 Stablecoins

At the moment, there are more than a dozen stablecoins on the crypto market, which you can use on exchanges and store your finances in them, which will be tied to the dollar, gold, or other assets. Let's take a look at the top 5 most popular stablecoins that are most commonly used by users in the market.

Tether (USDT)

This coin is the largest stablecoin and is used all over the world. It was launched in 2014 and is pegged to the U.S. dollar. The market capitalization of this coin is over $82 billion. USDT can be found most often in crypto casinos and betting with it as with real dollars.

U.S. Dollar (USDC)

This coin was originally created as an ERC-20 token on the Ethereum network. This Stablecoin is backed by Treasury assets and the U.S. dollar and was issued by the U.S. government. This provides additional protection for the cryptocurrency from the U.S. and also additional asset control from the government. 

Binance USD (BUSD)

A stablecoin that was jointly created by the cryptocurrency exchange Binance and Paxos. It is fully backed by the US dollar and has a market capitalization of $5 billion. The companies regularly publish reports, so you can be confident in the transparency of the coin.

Dai (DAI)

This stablecoin belongs to the list of decentralized and is not connected with government bodies and banks. This coin is secured through the collateral amounts of other cryptocurrencies on the Maker exchange. Among such cryptocurrencies, collateral may partially belong to, for example, Ethereum or Bitcoin. 

TrueUSD (TUSD)

This coin was launched in the TrustToken ecosystem and is a token. It is fully backed by the U.S. dollar. The assets of this Stablecoin are owned by trust companies and different banks, and the market capitalization is $2 billion.

Advantages of stablecoins in casinos

Stablecoins, as well as other cryptocurrency coins, have a number of their own advantages, which are worth familiarizing yourself with in order to then safely use Stablecoins in casinos and make bets thanks to them. 

The initial one, of course, is the stability of the price. You can be clearly assured that the rate will be fixed and predictable. And your transactions will be fast and with low commissions because stablecoins work thanks to blockchain and its advanced technology. 

Of course, when you use stablecoins, all the benefits of blockchain also await you, such as transparency and increased security, trust between users and the casino, and protection against fraud. 

Additionally, it is very easy to buy other cryptocurrencies for stablecoins or exchange them for traditional fiat currencies at various exchanges. This ensures the liquidity of stablecoins and wide availability for players to use. 

Using stablecoins in a casino will also provide you with a level of anonymity. Of course, there are also more confidential coins, but you can still count on a degree of protection for your personal information when playing casino games and making transactions in stablecoins.

How to use stablecoins in gambling

To easily and seamlessly use stablecoins at casino sites and make bets, and receive additional bonuses and rewards, no hard steps are required of you. All you have to do is register an account with the casino and a cryptocurrency exchange, exchanges may include Kucoin, Coinbase, Huobi, Binance, and many others. Next, deposit funds in your currency into the exchange and exchange them for the stablecoins you want. 

Not much left to do - choose a method for depositing your own stablecoins at your casino and make a transaction to get the stablecoins deposited to your personal casino account. Now that you have the coins in your account, you can choose the game you like and place your bets.