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Tether announced Monday that it would integrate with Strike.
Strike is a mobile payments application built on the Bitcoin Lightning Network, which works similarly to PayPal or Cash App.
According to an announcement from Tether, with “the stability and utility of Tether’s digital currency with Strike’s innovative payment solutions, users will experience a new era of secure and efficient transactions.”
Tether (USD₮) to be Integrated onto @Strike ,Leading Global Money Apphttps://t.co/PsWFHluo1y pic.twitter.com/XcFeclliP1
— Tether (@Tether_to) May 22, 2023
Users will be able to buy and sell bitcoin through the app, as well as send and receive global funds, “overcoming liquidity challenges that have previously hindered adoption.”
“We believe this collaboration will foster the widespread adoption of digital currencies, driving innovation and creating a more inclusive financial ecosystem for all,” Tether CTO Paolo Ardoino said in a statement.
Last week, Strike announced that it was expanding to 65 countries. It had previously only serviced three countries — the US, El Salvador and Argentina.
The total addressable market stands around three billion with the expansion.
In its first quarter assurance report, Tether reported net profit of $1.48 billion.
The stablecoin’s market cap sits near $82 billion, according to CoinMarketCap.
Tether is also moving to diversify its investments by allocating 15% of its net realized operating profits to bitcoin.
“Tether’s purchase of BTC is part of its conservative and prudent approach to investment decisions aimed at strengthening, increasing and diversifying its reserves,” the company stated.
In a House hearing earlier this month, a former CFTC Chair also said that the futures contract on Tether makes it a commodity.