A stablecoin is a type of cryptocurrency whose value is pegged to another asset, such as fiat money or gold. At BlockFi, we only treat cryptocurrencies pegged 1:1 to the US Dollar as stablecoins.
The stablecoins that are treated as US Dollar equivalents on the BlockFi platform are GUSD, USDC, BUSD and PAX (USDP).
USDT and DAI are considered stablecoins on BlockFi ONLY for crypto withdrawals and crypto interest yield via the BIA(Non-US only). However, when conducting trades this is now the case. Additionally, USDT and DAI can not be withdrawn via ACH or by wire transfers.
If you wish to withdraw USDT and DAI to your bank account via ACH transfer you must trade USDT and DAI for stablecoin (i.e. GUSD, USDC), there will be a -/+ 1% spread on the conversion. The same -/+ 1% spread will apply when trading USDT and DAI between any cryptocurrency or stablecoin pairs.
Availability will vary depending on your jurisdiction.
* The BIAs have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States, to U.S. persons, for the account or benefit of a U.S. person or in any jurisdiction in which such offer would be prohibited.