Tether Becomes a Pornhub Crypto Payment Option
- USDT became a payment option on Pornhub two months after PayPal stopped providing the website with services.
- The adult video giant is now promoting the TronLink wallet and browser extension to its models, as a way to start sending and accepting payments in Tether.
Illustration from Freepik
Adult video giant Pornhub has added new payment options for its models, including a cryptocurrency option through the Tether (USDT) stablecoin, the website said in a blog post on 23 January.
According to the announcement, the adult entertainment website added the USDT option after PayPal abruptly decided to stop servicing its models in November 2019. Pornhub now allows its models to be paid in USDT, and is recommending the TronLink wallet and browser extension for instant and zero-fee payments.
Tron became partners with Pornhub back in mid 2018, when the adult video giant started accepting its TRX token for content. USDT, on the other hand, became available on the Tron network in April 2019, after Tether and the Tron Foundation partnered up and released the first Tron-based USDT tokens.
USDT claims to be fully backed by U.S. dollar cash or equivalents, which makes it less volatile than other cryptocurrencies, and subsequently a less risky form of payment. Pornhub also noted in its announcement that it is now supporting a new payment processor, the adult industry-focused Cosmo Payment.
Justin Sun, the CEO of Tron, also commented on twitter about the news:
This is not the first time that the adult entertainment website has pushed for cryptocurrency use on its platform. In 2018, Pornhub announced a partnership with cryptocurrency Verge (XVG), and started accepting the coin as payment for Pornhub Premium and all Pornhub purchases. Later that year, the website also partnered with cryptocurrency payment and billing startup PumaPay, enabling its users to make payments in cryptocurrency.
- PayPal USD (PYUSD) will be issued by Paxos and the Ethereum blockchain, and is backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
- The company said the stablecoin can be redeemed for U.S. dollars at all times, and exchanged for any other crypto supported by the platform, including BTC, ETH, BCH, and LTC.
PayPal logo and sign in front of PayPal Holdings headquarters building in North San Jose Innovation District in Silicon Valley, San Jose, California, USA, 17 March, 2019. Michael Vi/Shutterstock
- The exchange is also waiving any fee on the conversion of USDT to USDC in order to stimulate the swap and make it frictionless.
- The move came only three months after rival exchange Binance started to auto-convert USDC to its own BUSD stablecoin.
- FTX CEO Sam Bankman-Fried said in an interview it is very likely FTX creates a stablecoin, though it prefers to partner with someone on the project.
- While not many details were revealed, Bankman-Fried noted we could hear something on this topic in the “not-too-distant future”.