Strike – a Bitcoin payment company and remittance app – has announced the integration of the world’s largest stablecoin, USDT with Tether.
The latest move comes on the heels of Strike’s expansion to 65 additional countries and USDT-supported new app design, announced at Bitcoin 2023.
The integration aims to solve the main challenges that hinder the widespread acceptance of the industry, including the volatility aspect of crypto-assets.
As such, combining the stability and utility of USDT with Strike’s payment solutions is expected to serve as a “trusted bridge” between the world of crypto and traditional financial systems while minimizing exposure to change in price.
In a statement on Monday, Tether said users will gain the ability to convert their digital assets into fiat currency quickly with its stablecoin as an intermediary and, in the process, overcome “liquidity challenges which previously hindered adoption.”
Following the development, Tether CTO Paolo Ardoino commented,
“We are happy to announce the integration of Tether (USD₮) with Strike. This is an important moment for the cryptocurrency industry because it means the growing acceptance and recognition of stablecoins as a reliable and efficient solution to pay digitally.
The exec further added that the collaboration will promote widespread adoption of digital currencies, “drive innovation and create a more inclusive financial ecosystem for all.”
Extension of Strike
Strike announced the expansion of its app to more than 65 countries from its current base in the United States and El Salvador, increasing its total addressable market to nearly 3 billion people. The new non-exhaustive list of 47 supported countries includes Bhutan, Brazil, Ecuador, Guatemala, Honduras, Kenya, New Zealand, Paraguay, and Uganda, along with previously announced expansions such as Argentina, Nigeria, Kenya, and Ghana.
Earlier this year, it partnered with fintech giant Fiserv to integrate Bitcoin’s lightning network with point-of-sale terminal provider Clover.
The digital payments platform also merged with e-commerce giant Shopify in a bid to allow merchants to accept Bitcoin payments as US dollars seamlessly in November.
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