Cloudbet makes stablecoin foray with USDT addition

Bitcoin sportsbook and casino Cloudbet has made its first foray into stablecoin betting after confirming the addition of USD Tether to its portfolio of available coins.

After a month of testing with a small group of players, Cloudbet will now allow punters to deposit, withdraw and bet using the USDT coin.

“We’ve accelerated our feature rollouts tremendously, thanks to the systems and processes we put in place to build the new website,” a Cloudbet spokesman said. “The market can look forward to many more new features and new coins in the coming months.”

USDT, which is pegged to the US dollar, and Ethereum are among the new features on Cloudbet’s new website, which the company launched at the end of April.

Other feature additions include UFC in-play betting, new language options and its strengthened esports vertical which was rolled out in early May. The esports vertical aims to enhance the customers’ betting experience on titles such as Counter Strike: Global Offensive (CS:GO) and FIFA 20.

Stablecoins such as USDT have been put forward as a solution for players seeking to protect the value of their cryptocurrency winnings from the extreme fluctuations in price experienced by holders of non-stablecoins.

Because its value is fixed on a 1-to-1 basis with the USD, the fiat value of winnings in Tether does not fluctuate along with market prices.

“Since launch, a fundamental part of our philosophy has been about empowering players with technologies that solve their problems,” Cloudbet’s spokesman added. “USDT and stablecoins are an extension of that.”