Strike integrates Tether’s USDT for payments News ▸ Bitcoin ▸ Stablecoins
Strike integrates Tether’s USDT for payments
Tether's CTO Paolo Ardoino said the move signifies the growing acceptance of stablecoins as a reliable digital payment solution.
2 min read
Updated: May. 22, 2023 at 11:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Digital payments platform Strike has integrated dollar-pegged stablecoin Tether’s USDT into its platform.
According to a May 22 press statement shared with CryptoSlate, the integration aims to enable fast, safe, and efficient payments for Strike users and further increase the use and adoption of USDT.
Strike is a payment platform based on the Bitcoin lightning network, enabling users to transfer BTC to any part of the world at incredible speed. By integrating USDT, the money app offers its users the opportunity to transfer their cryptocurrencies without worrying about volatility.
“With Tether’s stablecoin as an intermediary, users gain the ability to convert their digital assets into fiat currency swiftly, overcoming liquidity challenges that have previously hindered adoption.”
Speaking about the integration, Tether’s CTO Paolo Ardoino noted that it signifies the growing acceptance and recognition of stablecoins as a reliable and efficient digital payment solution.
“We believe this collaboration will foster the widespread adoption of digital currencies, driving innovation and creating a more inclusive financial ecosystem for all,” he added.
Meanwhile, Strike said the move would reshape the crypto industry landscape and “open up new avenues for seamless digital transactions.”
According to a Forbes report, CEO Jack Mallers said the company picked USDT over Circle-backed USDC because people outside the U.S. “don’t trust” Circle.
Strike availability
On May 19, Strike’s CEO Jack Mallers revealed that the company has expanded to more than 65 countries from its current base of the U.S., El Salvador, and Argentina.
The company CEO said it would move its headquarters to the Bitcoin-friendly nation, El Salvador.
Meanwhile, the expansion would see the company enter new markets in Africa, Latin America, Eastern Europe, Asia, and the Caribbean. Some countries the company would be available in include Zambia, Antigua and Barbuda, etc.
According to the company, the move would expand its reach to almost 3 billion people, further driving crypto adoption and usage worldwide.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Bitcoin
$95,556.71
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Strike
Strike allows users to send and receive money anywhere, instantly, with no fees.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.