- Pornhub adopts Tether (USDT) as payment option
- PayPal’s decision to stop offering services to Pornhub was a catalyst
- Pornhub’s addition of USDT will boost adoption
Tether News Today – it appears that crypto has come to the rescue of the pornographic sector. Recall that recently most payments services had had to cut ties with porn websites as governments and regulators have placed a ban on such actions. Now, the biggest pornographic website, Pornhub, has announced the addition of two new payment options to its website.
One of the two options added to its website is a crypto stablecoin. The name of the coin is Tether (USDT). Tether is currently the number six largest coin by market capitalization. It has now become a payment option on Porn site Pornhub.
Tether (USDT) Price Today – USDT / USD
PayPal Withdrew Support for Pornhub Last November
Recall that all models and actors who perform on the popular porn website were recently cut from the site’s PayPal payroll after PayPal withdrew its support from the website in November 2019.
The move to withdraw support was done by PayPal so that the global payment processor would meet regulatory compliance. This means Tether had to step in the rescue of those porn actors and models. Crypto came to the rescue for the livelihood of porn models and actors as USD-Tether payments were listed on the site. Pornhub made the announcement via its twitter page. According to the post:
“Tether stablecoin is reportedly the most liquid stablecoin. It is the largest in the crypto ecosystem with a market cap above $4.6 billion.
The Introduction of Digital Currency to Pornhub will Drive Adoption
Tether is already operational on OMNI, Tron, Ethereum, EOS, and Liquid chain. The overall percentage allocation on Tether’s platforms is 32.9%, 48.7%, and 19.4%, respectively. Note that less than a percentage of that allocation is on EOS and Liquid Chain. Some countries have prohibited the facilitation of banking services for porn site usage. The regulators and lawmakers claim the move is designed to combat human trafficking and drug trafficking which has become an issue in the porn industry over the years.
Despite reports of drug use in the sector, the porn industry continues to grow and thrive. The sector has a large number of models and sex workers. Of course, the introduction of digital currency payments to porn (which excludes volatility a common aspect of crypto) could help in facilitating the growth and adoption of stablecoin’s outside crypto exchanges. In the current framework, stablecoin’s are used as a means to hedge your value in regular money on exchanges when buying and selling cryptos.