Pornhub adds USDT, Cosmo payment support after PayPal’s withdrawal
PayPal, one of the largest payment merchants in the world, delivered a mighty blow to the adult entertainment industry last year after it indefinitely blocked all transactions associated with Pornhub and their contracted performers, a step that compromised the livelihood and revenue stream of over 100,000 adult film actors.
While it has been months since these steps were taken, it would seem that the world’s largest adult entertainment website finally has a solution to the predicament of thousands.
According to a recent blog published by Pornhub, the website has added two new payout options which include Tether (USDT), a stablecoin pegged to the U.S Dollar, and Cosmo. The announcement was also shared by the adult website on its Twitter platform.
The blog post also claimed that USDT and TRON blockchain had both partnered to introduce the payment options on Pornhub. The post read,
“USDT transactions can be done globally within a few seconds and there are no fees. Since USDT and TRON blockchain have partnered up, we can now pay Models securely through TRONlink, a cryptocurrency wallet.”
The introduction of a stablecoin such as USDT is interesting since unlike other cryptocurrencies like Bitcoin or Ethereum, Tether isn’t exposed to high volatility or price swings.
Tether is also one of the world’s largest digital assets with a market cap of over $4.5 billion. The stablecoin is operational on various chains such as Ethereum, OMNI, and Liquid, making it a feasible option to facilitate payments around the world.
The website also added Cosmo Payment options to its platform, allocating global access and easy withdrawals through local ATM machines, online, and in-store purchases.
While the idea of using cryptocurrencies as payout options isn’t new, a campaign to have websites such as Pornhub use cryptocurrencies gathered a lot of steam when PayPal pulled its support. The website already supports the use of Verge, a cryptocurrency, as a payout option.