Strike – a Bitcoin payments company and remittance app – announced the integration of the world’s largest stablecoin, Tether’s USDT.
The latest move comes on the heels of Strike’s expansion into 65 additional countries and USDT-supported new app design, which was announced at Bitcoin 2023.
The integration aims to address key challenges hindering 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 “reliable bridge” between the crypto world and traditional financial systems while minimizing exposure to price fluctuations.
In a statement on Monday, Tether said users will gain the ability to convert their digital assets into fiat currency swiftly with its stablecoin as an intermediary and, in the process, overcome “liquidity challenges that have previously hindered adoption.”
Following the development, Tether CTO Paolo Ardoino commented,
“We are thrilled to announce the integration of Tether (USD₮) with Strike. This is a pivotal moment for the cryptocurrency industry as it signifies the growing acceptance and recognition of stablecoins as a reliable and efficient digital payment solution.”
The exec further added that the collaboration will boost the widespread adoption of digital currencies, “driving innovation and creating a more inclusive financial ecosystem for all.”
Strike announced the expansion of its app to more than 65 countries from the current base of the United States and El Salvador, ramping up its total addressable market to almost 3 billion people. The new inexhaustive list of 47 supported countries includes Bhutan, Brazil, Ecuador, Guatemala, Honduras, Kenya, New Zealand, Paraguay, and Uganda, alongside formerly announced expansions like Argentina, Nigeria, Kenya, and Ghana.
Earlier this year, it partnered with fintech giant Fiserv to integrate Bitcoin’s lightning network with the point-of-sale terminal provider Clover.
The digital payments platform also integrated with e-commerce giant Shopify in a bid to enable merchants to accept Bitcoin payments as US dollars seamlessly last November.
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