Bybit Pay has been integrated into Uquid’s Web3 shopping platform to open up digital payment access in countries where the influence of inflation and currency devaluation has hit. According to new research from Uquid, 55% of Bybit Pay users shop during local currency crashes. The integration supports stablecoins, which consequently gives the flexibility of fiat in countries with unstable economies.
Crypto purchases in countries such as Nigeria and Argentina, and Turkey grew by 15% to 31% during periods of currency depreciation. This trend implies a steady climb in crypto usage for purposes other than speculation. During economic downturns, stablecoins, especially USDT, are seen as a digital alternative to traditional bank accounts that offer a safer alternative to transact and store value.
Bybit Pay Enables Frictionless Transactions
Bybit Pay supports eight major cryptocurrencies and enables both cryptos and fiat transactions, which also come with instant conversion via Brazil’s Pix. New users benefit from its QR code and in app prompt system to make purchases easier in eliminating technical barriers of entry. Essential to emerging markets, where access to traditional banking is still limited, is this solution.
Integration with Uquid means that users in over 200 countries are able to shop over 175 million digital, physical, NFT and others with crypto. Further, ‘Shop to Earn’ incentives, and ‘Payin3’ where users can split payments into interest free instalments are also offered on the platform. This provides flexibility to consumers, who can take charge of their spending without converting their holdings at once.
Structural Improvements Needed for Long-Term Adoption
Uquid promotes the installation of better infrastructure to maintain stablecoins conversion. Partnerships with banks, a crypto clearinghouse, and an efficient on/off ramp mechanism are a few of the suggested measures.
stablecoins backed by U.S. Treasuries already have experts worried about its impact on bond markets. Proposals include on-chain transparency, diversified collateral backing to help mitigate risks, and a decentralized credit system. Uquid shares these values by offering multiple payment models with stablecoin-backed assets across its ecosystem.
