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Tether First Added to PornHub Then Releases a Gold-Backed Stablecoin

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It has been a busy few days for Tether as the controversial stablecoin first announced that it would be added to PornHub as a payment method through the TRON Wallet. This was followed by another stablecoin project as Tether Gold (XAU₮) began trading on Bitfinex.

PornHub has crossed paths with cryptocurrencies on a few occasions before as stars who were used to receiving their payments from the site were suddenly cut off when PayPal cut ties with the site. TRON CEO Justin Sun indicated that through their wallet, TRX was also a method to receive payment. 

Now, through the TRON Wallet, USDT, one of the most traded cryptocurrencies around, is also accepted on PornHub offering users the chance to offer fee-less, and volatile-less payment options. 

Tether’s expansion to a gold-backed cryptocurrency is also big news as it represents a coming together of two opposing sides, with many feeling gold is direct competition to Bitcoin. More so, it is the following through on commodity-backed Tethers that have been in the works since September last year.

A better payment method for PornHub

The shift towards cryptocurrencies was moved slightly forced upon PornHub after PayPal withdrew their support. TRX and other cryptocurrencies were available, but the move to incorporate Tether makes crypto a far more usable option for transactions. 

Since PayPal’s decision to stop payouts to thousands of Models two months ago, we’ve been hustling to…offer you more options,” said Pornhub, adding that USDT transactions can take place “within a few seconds” and that there are “no fees.”

The move by PornHub also highlights the plight of a centralized financial service that has the ability to censor and cut off businesses that they find undesirable. This is one of the core principles of cryptocurrencies, and was pointed out by Sun.

A digital commodity economy

Tether’s launch of XAU₮ is also a big deal as it is the first step in the tokenization of commodities on the blockchain by a major cryptocurrency. Tether has had its controversies in the past, and no doubt this next moves will be watched closely, but it could be an interesting stepping stone for commodity tokenization.

Gold remains an important commodity, especially in times of financial instability as it is one of the best hedges against failing markets. However, owning gold is not an easy endeavour, so to have it digitized and tokenized could actually spur the gold market on. 

Darryn Pollock
Darryn has been interested in the blockchain and cryptocurrency space since he heard about Bitcoin in 2015. He then decided to use his journalism degree to report on this fascinating fintech space in 2016, and has not looked back since.

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