Initially, there was some scepticism about how a company could properly manage this concept. Still, Tether Ltd. has grown its project alongside the explosive rise of the cryptocurrency world. Their digital asset is now backed by loans and bank reserves, ensuring that the physical currency that backs the stablecoin is available and keeps the price equal at all times.

The Rise Of Cryptocurrency Betting Platforms

Using Bitcoin, Ethereum, or USDT for transactions has become commonplace for millions globally. The rise of cryptocurrency casinos and crypto gambling has been a major debate topic over the last decade. Now that crypto gambling companies are becoming some of the fastest-growing facets of the iGaming world, a few components have helped them become such a verified and impressive alternative to conventional platforms.

Firstly, by utilizing the blockchain, cryptocurrency platforms have eliminated the barriers that conventional sites have faced for years. No longer were international payment fees a problem; the red tape involved with cross-border transactions was eradicated overnight with the design of the blockchain.

Not to mention, the peer-to-peer aspect of each platform meant that banks no longer needed to validate and secure the payment—it was a complete revelation. However, until the mid-2010s, the idea that it could be an innovative part of casino gaming was something that the more traditional areas of the industry shrugged off.

As with so many disruptive changes in the market, though, consumer demand caused game designers and betting platforms to start noticing. Although they still command a relatively small part of the market, they could be the biggest beneficiaries over the next decade as our society and fintech world become more influential.

Onboarding Conventional Gamers

Introducing people to the world of cryptocurrency casinos is not easy. I have friends who invest in cryptocurrency and enjoy a casino game or two, but even then, they stick to their tried and trusted payment options and platforms. It takes a drip-feed approach to expose the positives of crypto betting slowly. Look at how the early stages of online casinos unfolded in the late 1990s. Some people were confident that the internet was the future, and they enjoyed casino games.

However, they still didn’t trust it as a marketplace that could keep their information secure or payout anywhere near the speed or efficiency of a land-based provider. Nowadays, the internet is a resource for all things casino gaming. It’s the go-to place for those looking for information or learning to play games like blackjack.

Other platforms adopted different strategies, going for specific themed games, including seasonal games or games that honed in on a specific niche or theme. Ultimately, it wasn’t about inundating people with information.

It was a slow-burner, bringing them on board with the innovations and convenience one step at a time. Currencies like USDT are the bridge assets that people recognize. They have parity with the dollar and don’t have the wild volatility and price swings like Bitcoin or Ethereum, but they are cryptocurrencies in every element of their design.

USDT Challenges & Concerns

USDT isn’t the only stablecoin in the cryptocurrency world; USDC has also emerged, operating on different blockchains such as Arbitrum, Optimism, and other L2s. Given that USDT was launched four years before USDC, it’s primarily the stablecoin choice on the Ethereum network.

Some of the big companies within the cryptocurrency world have delisted it so that they can abide by broader regulations. Given the cumbersome nature of Ethereum and the extortionate gas fees that can occur on that blockchain during busy periods, USDC has become one of the stable coins of choice, especially for those using it to bridge to DEXs like Hyperliquid, where a large portion of Arbitrum USDC volume now occurs, and at a much cheaper rate.

However, USDT still has the market share. It’s over double the size of USDC, and in terms of market cap, it is the third-largest cryptocurrency. So, while concerns have emerged recently, it’s still the stablecoin of choice, with the largest reserves and the most considerable backing.

Conclusion

There will be challenges and concerns, but if any stablecoin market can help bridge the gap between crypto casinos and the conventional market, it’s likely to be a combination of both stablecoins rather than one or the other.

Personally, I think it’s more of a collective effort between different cryptocurrency projects rather than the job of one or two stablecoins, but to bridge the conventional market, there’s got to be an asset they recognize, have parity with, and can easily interchange with their actual USD in their bank balance. USDT could easily be the currency that spearheads it.