Stablecoin company Tether and video platform Rumble launched a no-deposit cryptocurrency wallet on Wednesday, allowing users to tip Rumble content creators in digital currencies.
The wallet will initially support dollar-pegged stablecoin Tether, USDt (USDT), Tether Gold (XAUt), which is a tokenized commodity product, and Bitcoin (BTC), according to the report announcement from Rumble.
MoonPay will provide Rumble Wallet users with the ability to opt in and out in fiat currencies, allowing them to withdraw cryptocurrencies into local currencies.
Tether and Rumble initially planned to launch the wallet in December, after ironing out bugs in the code and user experience.
Cointelegraph reached out to Rumble and Tether but had not received a response at the time of publication.
Cryptocurrency integration on Rumble promotes the exploit of cryptocurrencies as a medium of exchange rather than the market speculation or store of value exploit cases that have dominated Bitcoin (BTC) and cryptocurrencies in general.
Related: ‘Like sat for Bitcoin’ – Tether creates miniature unit of gold as demand grows on onchain platform
Crypto is emerging as the future of online value transfer, but challenges remain
“Peer-to-peer payments powered by cryptocurrencies are the future of the internet economy” he said Ivan Soto-Wright, CEO of cryptocurrency payments company MoonPay.
According to Bitcoin, the world’s first cryptocurrency, it was designed as a peer-to-peer electronic cash system white paper published by pseudonymous programmer Satoshi Nakamoto.
However, low transaction throughput, with blocks forming approximately every 10 minutes, and relatively high transaction fees prevent it from being widely used as a payment method, especially for smaller purchases where the transaction fee exceeds the price of the good or service.
Currently, Bitcoin’s main exploit case is as a store of value or speculative instrument, with most users accumulating BTC and holding it long-term for price appreciation, rather than spending it on commercial transactions.
Stablecoins, which are blockchain tokens backed by assets such as fiat currencies or government debt instruments, solved this problem by offering near-instant settlement times and relatively low transaction fees, allowing value to flow online on blockchain rails.
Despite the innovation of near-instant cross-border value transfer, stablecoins still struggle with base fiat currency inflation, centralization and confiscation risks, critics to talk.
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