There’s FUD after the infrastructure bill, as Monday sees the biggest correction. Algorand, Litecoin, and Chainlink are down. Bitcoin dropped to below the 60K level mark and Ethereum is no better at the $4200 level. As an investor, you are freaking out. How to deal with this situation? Well, swapping to stable tokens to mitigate further losses makes sense. Even if you are at 20% profit or some losses, your position would remain safe. That’s why stablecoins are so essential for the crypto market. In this guide, we will explain to you how to swap stablecoins on Binance.
Easiest Way To Swap To Stablecoins on Binance
Login to Binance
Click on Trade, followed by convert.
Choose the token you wish to convert to a stablecoin like Tether. For example, if I wish to liquidate my 0.20575985 ETH, I would get 863.49795931 USDT. Theconfirmation time is 5 seconds. If you max out, hit the refresh button to get a new quote.
Post the swap, click on wallet then overview.
Click on see all coins to check your USDT balance. Binance displays all the coins with their balance right after their name. If I had initiated the swap,863.49795931 USDT would have reflected. But I am a little bullish on ETH. You can do your own research and swap your positions. The crypto market is volatile but you have ways to hedge risks.
Benefits of using Stablecoins
- Stablecoins are a faster payment medium than fiat. You can send money cross-borders at almost zero cost.
- Using credit/debit card for payment processing levies a 2% charge. Stablecoins mitigate that issue and you benefit at large. Even in a highly volatile market, you can protect your positions.
- Transparency of stablecoins makes them a hit among investors. Investors can check the stable coins backed by real-world assets. In this way, they are much more secure for use.