Mastering USDT: A Guide on How to Pay With Tether (USDT)
As the global adoption of stablecoins surges — reaching a market cap of over $160 billion — USDT (Tether) has become a cornerstone of digital payments. As a stablecoin pegged to the U.S. dollar, USDT offers a reliable and efficient alternative to other currencies in the crypto space. This guide details how to use Tether (USDT) for payments, in addition to the key benefits of transacting with USDT for both retail and institutional users.
Key Takeaways:
USDT offers a stable and efficient alternative to traditional currencies, making it ideal for both personal and business transactions in the digital space.
Bybit provides user-friendly options for purchasing USDT, such as P2P Trading and Express checkout, as well as seamless methods for spending it via debit cards and wallet transfers.
USDT's benefits include stability, lower transaction fees and faster processing times, making it a highly practical choice for global payments.
What Is USDT?
USDT is a cryptocurrency stablecoin issued by Tether Limited Inc. It’s designed to maintain a 1:1 peg with the U.S. dollar. USDT serves as a digital alternative to traditional fiat currencies, facilitating transactions in the crypto market.
How to Buy USDT on Bybit
Bybit is a leading crypto exchange known for its user-friendly interface, advanced trading features and strong security measures. If you’re looking to buy USDT on Bybit, you have a couple of convenient options: the P2P trading platform, One-Click Buy, Fiat Deposit, Auto-Invest, Bybit Card and Convert. In this article, we’ll cover two of the most popular ways — via P2P Trading and One-Click Buy.
For more information, you can also check out our comprehensive guide on all the ways you can buy crypto on Bybit here.
P2P Trading
Log in to your Bybit account and complete identity verification if needed.
Access the P2P page, select Buy and ensure that the drop-down menu is set to USDT. Then, enter your desired Fiat Amount and Payment Method to filter advertisers.
Place your P2P order by clicking on the advertiser’s corresponding Buy USDT button and providing payment details.
Make the payment to the seller and click on Payment Completed.
Wait for the seller to confirm the payment and release the USDT.
One-Click Buy
Navigate to the One-Click Buy page.
Select USDT as the cryptocurrency you would like to receive, and enter the amount you want to buy.
Choose your preferred fiat currency and payment method and complete the checkout process.
How to Pay With USDT
Several methods for paying with USDT are available to institutional and retail users.
Institutions primarily use USDT for hedging against market volatility and managing liquidity. They often engage in large transactions, using sophisticated trading platforms or OTC (over-the-counter) trades to minimize market impact.
On the other hand, retail users typically use USDT for everyday transactions and online purchases, and as a stable asset during market fluctuations. They mainly rely on exchanges, crypto debit cards and P2P trading to efficiently acquire and spend USDT.
Crypto Debit Cards
Crypto debit cards allow you to pay with USDT by converting your cryptocurrency into fiat currency at the point of sale. Here’s how you can use them:
Select a card provider that supports USDT, such as Bybit Card.
Connect your crypto wallet to the card to access your USDT funds.
Use the card at any merchant that accepts debit card payments. The card will automatically convert USDT to the local currency.
The Bybit Card is a virtual Mastercard crypto debit card that enables you to spend your USDT easily and securely wherever Mastercard is accepted. To use it, follow these steps:
Order your card through the Bybit platform and complete any required KYC verification.
Once approved, activate your virtual Bybit Card or wait for the physical card to arrive.
Transfer USDT from your Bybit wallet to your Bybit Card.
Use the Bybit Card for online shopping or in-store purchases. The card will convert your USDT to fiat at competitive exchange rates.
Crypto Wallet Transfers
Paying with USDT through crypto wallet transfers is a commonly used method, due to its simplicity and speed.
Ensure you have a wallet that supports USDT transactions. Popular options include Trust Wallet, Exodus and SafePal.
Open your wallet application.
Select USDT from your list of assets and choose the Send or Transfer option.
Input the USDT address of the person or entity you’re paying. Double-check for accuracy to avoid errors.
Enter the amount of USDT you wish to send.
Review all details, then confirm and authorize the transfer. You may need to complete a security verification step, depending upon your wallet.
The transaction will be processed on the blockchain. You can track it using a blockchain explorer if needed.
Bybit Wallet Transfers
If you’re using Bybit, you can transfer USDT to another Bybit user or to an external wallet.
Navigate to the Assets or Wallet section in your Bybit account.
Select Withdraw for external transfers, or Transfer for internal Bybit transfers.
Follow similar steps as above to complete the transaction.
Always ensure you’re using the correct network (e.g., ERC-20, TRC-20) in order to avoid transfer issues or additional fees.
Crypto Payment Gateways
Crypto payment gateways act as a bridge between merchants and customers in order to facilitate transactions using cryptocurrencies such as USDT. Here’s how to pay with USDT using these gateways:
Choose an online merchant or service that accepts USDT payments through a crypto payment gateway.
Add items to your cart and proceed to checkout.
Select the option to pay with USDT, which will be processed by the payment gateway.
The gateway will provide a USDT address or QR code. Use your crypto wallet to send the specified amount of USDT to this address.
After sending USDT, the transaction will be verified on the blockchain. The payment gateway will confirm receipt and process the payment.
Once the payment is confirmed, the merchant will finalize your purchase.
Crypto payment gateways provide a secure and efficient way to use USDT for online transactions, with benefits like low fees and fast processing times. For the best experience, always ensure the gateway is reputable and offers good customer support.
Crypto Gift Cards
Crypto gift cards are a convenient way to use USDT for purchases at various retailers, even if they don’t directly accept cryptocurrency. Here’s how to pay with USDT using crypto gift cards:
Choose a platform that supports USDT payments and offers gift cards for a wide range of retailers. Popular choices include Coinsbee, Bitrefill and Paxful.
Search for a gift card from the retailer with whom you want to make a purchase. Check the minimum and maximum limits to ensure the gift card covers the amount you intend to spend.
Pay for the gift card using USDT from your crypto wallet. The platform will provide instructions for transferring USDT to complete the purchase.
After your payment is confirmed, you’ll receive a digital gift card code.
Use the gift card code at checkout on the retailer’s website or in-store (if applicable).
Bybit Giveaway [Special]
Bybit Giveaway is a unique feature that adds a fun twist to the concept of gifting within the crypto community. It’s not a payment method per se, but rather a way to share your crypto assets, such as USDT, with friends or the wider community. Here’s how it works:
Access the Bybit App. The Giveaway feature is exclusive to the Bybit App, which you can download from the Apple App Store or Google Play Store.
Once logged in, find the Giveaway section within the app.
Choose the type of crypto you want to share, and decide whether to distribute it equally or randomly among participants.
Set participation requirements. You can specify if the giveaway is for new users only or referees, for example, ensuring your gift reaches its intended audience.
Attach a message to your giveaway if you want to personalize it.
Publish your giveaway, and Bybit will generate a link or code for you to share with your friends or community.
Bybit Giveaways are a delightful way to introduce friends to crypto, celebrate special occasions or simply spread joy.Please note that Bybit Giveaway is only available on the Bybit App, but not through the web platform.
Benefits of Using USDT to Pay
USDT (Tether) is a stablecoin that offers several advantages as a payment method. Here are three of its key benefits:
Stability
USDT is pegged to the U.S. dollar, which means it maintains a stable value. This stability is particularly beneficial in the cryptocurrency market (which is known for its volatility), allowing users to transact without worrying about the fluctuating value of their assets.
Reduced Fees
Transactions with USDT often incur lower fees as compared to traditional banking systems and even other cryptocurrencies. This is especially advantageous for international transactions, which are significantly pricier.
Faster Processing
USDT transactions are processed quickly, often in real time. This speed is a significant improvement over traditional bank transfers, which can take days, especially when it comes to international transactions.
The Bottom Line
Paying with USDT offers a stable, cost-effective and fast alternative to traditional currencies in the digital age. Whether you use crypto debit cards, wallet transfers or gift cards, USDT provides flexibility and ease of use for both individuals and businesses. With platforms like Bybit enhancing this experience, using USDT for transactions is becoming increasingly accessible and practical in the global marketplace.
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