A new announcement by a hotel booking service, Travala, revealed that the company will now start accepting payments via stablecoin Tether (USDT). The company was already known to be crypto-friendly, as it already accepts payments in BTC, ETH, XRP, LTC, BCH, BNB, XLM, ADA, and its native crypto, AVA. Now, USDT is joining the list.
Why did Travala choose Tether?
Travala is already linking over two million properties, and its introduction of crypto payments allows people from all over the world to book hotels by using digital cash alone. The company’s CEO, Matt Luczynski, commented on the firm’s decision to add support for USDT. He said that the part of the firm’s mission is to allow users a wide choice of the largest and most used cryptos. With that in mind, it makes sense to introduce Tether payments.
After all, Tether has been on the top 10 list of largest cryptos by market cap for a few years now, and it currently ranks as the 6th largest coin. Its market cap is at $4.67 billion, and its trading volume is as large as $59.38 billion, making it by far the most used crypto in the world. Even Bitcoin — the first and largest cryptocurrency — only has a daily trading volume of $45.4 billion at the time of writing.
As many may know, Tether became extremely popular in 2018, due to the falling crypto prices. When the bear market struck, most cryptos lost around 90% of their value. Meanwhile, USDT, as a stablecoin, has a constant value of $1, as it is pegged to, and backed by the USD, where $1 equals 1 USDT.
As such, USDT was a great way for crypto investors to deal with the high volatility of digital assets, despite its past controversies. And, while Tether was previously mostly used for converting USD to altcoins, and vice versa — a lot of services are now accepting direct USDT payments. with Travala being the latest one to start doing so.