How to Use Stablecoins in Your Daily Life

Feb 4, 2024

Feb 4, 2024

This brief overview introduces how contractors and individuals can effectively utilize stablecoins, in their everyday financial activities. From paying for groceries and rent to exploring investment opportunities, we dive into tools and platforms that offer liquidity and enable seamless transactions in various regions.

Spending Digital Dollars in Daily Life

As the world of digital currencies evolves, one of its most practical innovations has been the introduction of stablecoins. For contractors and freelancers receiving payments in stablecoins like USDC, USDT, PYUSD, etc., the question arises: how can you use this digital currency in your daily life? This blog post explores the diverse ways you can leverage digital dollars for everyday transactions, investments, and even rent.

Stablecoin Payment Cards

Platforms like Rain Card & Lemon are revolutionizing how we spend digital dollars. These cards convert digital dollars to your local currency at the point of sale, making them perfect for everyday purchases like groceries or going out to dinner.

  • Rain Card is popular for digitally native businesses. Rain offers physical and virtual cards that allow you to spend USDC just like any other debit card.

  • Lemon offers consumers the Lemon Card which allows you to use USDT, USDC, and more currencies wherever and whenever you want. You even earn 2% cashback in Bitcoin!

Direct Merchant Acceptance

Some retailers and service providers accept digital dollars directly. This trend is growing, with businesses recognizing the stability and ease of transactions with stablecoins. Keep an eye out for local businesses or online platforms that accept digital dollars. Some examples include DishTV, ExpressVPN, Jomashop, AMC Theaters, and many more.

Investing with Stablecoins

Platforms like Coinbase and BlockFi allow you to earn interest on your digital dollars holdings. You can generate a yield by lending out your digital dollars, often higher than traditional savings accounts. Other platforms like AngelList offer the opportunity to invest in businesses as an accredited investor using USDC.

  • Aave: a platform for lending and borrowing digital dollars with a dedicated account for users to store stablecoins with an interest. Unlike alternatives, instead of a dedicated account, you add your digital dollars into a pool with other users to earn interest on them. Rates offered are 4.61% for USDC and 4.14% for USDT.

  • AngelList: allows for accredited investors to invest in start-ups using USDC and other digital currencies. Aside from individual investments, you can invest in venture & hedge funds using stablecoins through their platform.

  • Binance: one of the largest digital asset exchanges which also offers a savings account. You can expect to earn a fixed rate of 4.74% on USDC and 11.41% on USDT digital dollar deposits that are made into the account.

  • Coinbase: a digital dollar exchange platform where users can buy, sell, trade, and store various cryptocurrencies. Coinbase also allows you to convert USD into digital dollars and, keeping it on their platform, receive annual interest of 5.10% on USDC and 5% on USDT

  • Nexo: a platform for lending and borrowing digital dollars. You can open a dedicated interest-earning account and, by keeping your stablecoins there, receive up to 14.00% on USDC and up to 16.00% on USDT deposits, based on the amount of money you hold

The interest rates offered on these and similar platforms are often higher than today’s Federal Reserve rate of 5.25-5.50%.

Region-Based Liquidity Tools

Several region-specific tools offer exchange services for contractors looking to convert digital dollars to local currency and are less worried about delays.

  • In the Americas: Platforms like Coinbase and Binance US are great for converting digital dollars to USD or other local currencies.

  • In Europe and Asia: Exchanges like Kraken and Bitstamp offer similar services, catering to a wide range of local currencies.

  • Globally: Mural stands out as a versatile payments provider, using a dynamic provider network to offer the most competitive rates in over 40 currencies. Mural streamlines the process of converting stablecoins like USDC and USDT, with a straightforward two-step procedure: firstly, accepting payments in stablecoins and then directly converting them into local currency via its Withdraw feature.

How to use Stablecoins to Pay Rent

While direct payment of rent in digital dollars might not be mainstream yet, Rent.App allows its users to pay their rent in USDC or USDT with no fees. By creating or connecting your digital dollars wallet on their website, you can input your landlord’s email and the amount you wish to send them for your rent. However, your landlord will need to create or connect their wallet to the platform to receive the money.

Alternatively, you can easily convert your digital dollars to local currency using peer-to-peer (P2P) platforms or exchanges. Services like AirTM or Paxful facilitate P2P transactions, making finding someone willing to exchange your digital dollars for regular fiat currency easy.

Conclusion

Stablecoins like USDC and USDT are not just digital assets for investment; they are versatile tools that can streamline everyday financial transactions. Whether you’re a contractor looking to seamlessly convert your earnings to local currency, an individual interested in earning passive income, or someone exploring the convenience of digital payments for everyday needs, stablecoins offer a bridge between the traditional financial world and the emerging digital economy. With the growing acceptance of stablecoins across various platforms and merchants and innovative solutions for spending, investing, and managing these assets, the potential for integrating stablecoins into daily life is vast and promising. As the digital currency landscape continues to evolve, embracing stablecoins could offer a more efficient, secure, and flexible way to manage your finances in the digital age.

Looking to explore how you can adopt stablecoins in your business? Learn how Mural makes stablecoin adoption seamless by booking a demo.

This brief overview introduces how contractors and individuals can effectively utilize stablecoins, in their everyday financial activities. From paying for groceries and rent to exploring investment opportunities, we dive into tools and platforms that offer liquidity and enable seamless transactions in various regions.

Spending Digital Dollars in Daily Life

As the world of digital currencies evolves, one of its most practical innovations has been the introduction of stablecoins. For contractors and freelancers receiving payments in stablecoins like USDC, USDT, PYUSD, etc., the question arises: how can you use this digital currency in your daily life? This blog post explores the diverse ways you can leverage digital dollars for everyday transactions, investments, and even rent.

Stablecoin Payment Cards

Platforms like Rain Card & Lemon are revolutionizing how we spend digital dollars. These cards convert digital dollars to your local currency at the point of sale, making them perfect for everyday purchases like groceries or going out to dinner.

  • Rain Card is popular for digitally native businesses. Rain offers physical and virtual cards that allow you to spend USDC just like any other debit card.

  • Lemon offers consumers the Lemon Card which allows you to use USDT, USDC, and more currencies wherever and whenever you want. You even earn 2% cashback in Bitcoin!

Direct Merchant Acceptance

Some retailers and service providers accept digital dollars directly. This trend is growing, with businesses recognizing the stability and ease of transactions with stablecoins. Keep an eye out for local businesses or online platforms that accept digital dollars. Some examples include DishTV, ExpressVPN, Jomashop, AMC Theaters, and many more.

Investing with Stablecoins

Platforms like Coinbase and BlockFi allow you to earn interest on your digital dollars holdings. You can generate a yield by lending out your digital dollars, often higher than traditional savings accounts. Other platforms like AngelList offer the opportunity to invest in businesses as an accredited investor using USDC.

  • Aave: a platform for lending and borrowing digital dollars with a dedicated account for users to store stablecoins with an interest. Unlike alternatives, instead of a dedicated account, you add your digital dollars into a pool with other users to earn interest on them. Rates offered are 4.61% for USDC and 4.14% for USDT.

  • AngelList: allows for accredited investors to invest in start-ups using USDC and other digital currencies. Aside from individual investments, you can invest in venture & hedge funds using stablecoins through their platform.

  • Binance: one of the largest digital asset exchanges which also offers a savings account. You can expect to earn a fixed rate of 4.74% on USDC and 11.41% on USDT digital dollar deposits that are made into the account.

  • Coinbase: a digital dollar exchange platform where users can buy, sell, trade, and store various cryptocurrencies. Coinbase also allows you to convert USD into digital dollars and, keeping it on their platform, receive annual interest of 5.10% on USDC and 5% on USDT

  • Nexo: a platform for lending and borrowing digital dollars. You can open a dedicated interest-earning account and, by keeping your stablecoins there, receive up to 14.00% on USDC and up to 16.00% on USDT deposits, based on the amount of money you hold

The interest rates offered on these and similar platforms are often higher than today’s Federal Reserve rate of 5.25-5.50%.

Region-Based Liquidity Tools

Several region-specific tools offer exchange services for contractors looking to convert digital dollars to local currency and are less worried about delays.

  • In the Americas: Platforms like Coinbase and Binance US are great for converting digital dollars to USD or other local currencies.

  • In Europe and Asia: Exchanges like Kraken and Bitstamp offer similar services, catering to a wide range of local currencies.

  • Globally: Mural stands out as a versatile payments provider, using a dynamic provider network to offer the most competitive rates in over 40 currencies. Mural streamlines the process of converting stablecoins like USDC and USDT, with a straightforward two-step procedure: firstly, accepting payments in stablecoins and then directly converting them into local currency via its Withdraw feature.

How to use Stablecoins to Pay Rent

While direct payment of rent in digital dollars might not be mainstream yet, Rent.App allows its users to pay their rent in USDC or USDT with no fees. By creating or connecting your digital dollars wallet on their website, you can input your landlord’s email and the amount you wish to send them for your rent. However, your landlord will need to create or connect their wallet to the platform to receive the money.

Alternatively, you can easily convert your digital dollars to local currency using peer-to-peer (P2P) platforms or exchanges. Services like AirTM or Paxful facilitate P2P transactions, making finding someone willing to exchange your digital dollars for regular fiat currency easy.

Conclusion

Stablecoins like USDC and USDT are not just digital assets for investment; they are versatile tools that can streamline everyday financial transactions. Whether you’re a contractor looking to seamlessly convert your earnings to local currency, an individual interested in earning passive income, or someone exploring the convenience of digital payments for everyday needs, stablecoins offer a bridge between the traditional financial world and the emerging digital economy. With the growing acceptance of stablecoins across various platforms and merchants and innovative solutions for spending, investing, and managing these assets, the potential for integrating stablecoins into daily life is vast and promising. As the digital currency landscape continues to evolve, embracing stablecoins could offer a more efficient, secure, and flexible way to manage your finances in the digital age.

Looking to explore how you can adopt stablecoins in your business? Learn how Mural makes stablecoin adoption seamless by booking a demo.