Pornhub uses cryptocurrency in response to PayPal ban

Models on pornographic video site Pornhub can now accept the US dollar stablecoin Tether (USDT) as payment. In a statement, Pornhub said that adding the cryptocurrency was in direct response to PayPal’s decision to cut off payments to models in November 2019.

According to Tron CEO Justin Sun, it will use the TRON variant of USDT, building on Pornhub’s existing partnership with TRON. 

“This is a brilliant way to support the victims of centralized payment platforms like PayPal,” tweeted Sun.

Alongside the USDT announcement, Pornhub mentioned that it now supports Cosmo Payment, a digital (fiat) payments network that supports the adult industry. In addition, it has added support for direct deposits for Australia and Puerto Rico. 

It’s not just models who can use crypto; It’s also possible to buy Pornhub membership in three cryptocurrencies: Horizen, TRON, and Verge. 

When PayPal made its decision to cut off PornHub models, Verge spiked in volume and value. Within 24 hours of the announcement, it increased in value by around 31%. Volume rose from around $1-2 million prior to the announcement, to over $20 million. Alas, within ten days the price had fallen lower than it was before the news broke.

But since Tether is a stablecoin, the news won’t affect it one bit.