- Tether’s investment aims to enhance USDT use in Africa.
- Investment amount remains undisclosed.
- Focus on cross-border financial services for businesses.
Tether has announced an investment in Shiga Digital, an African fintech company aiming to enhance financial services across the continent.
The investment is expected to impact cross-border payment efficiency and stablecoin adoption across Africa, potentially influencing regional economic dynamics.
Tether’s Strategic Move
Tether, a leading stablecoin issuer, has made a strategic investment in Shiga Digital to boost financial services in Africa. The exact investment amount remains undisclosed. The collaboration enhances Tether’s reach by integrating its stablecoin, USDT, in Shiga Digital’s financial platform, focusing on cross-border services.
Paolo Ardoino, CEO of Tether, stated, “At Tether, we believe stablecoins are the heartbeat of financial transformation. By collaborating with innovators like Shiga Digital, we aim to deliver financial access and efficiency to African enterprises. Together, we are not just imagining a future powered by blockchain technology, we are building it.”
USDT usage is predicted to grow within African markets, supporting Tether’s goal of expanding its influence in regions lacking access to stable currencies. This move is intended to decrease the reliance on volatile local currencies by enhancing liquidity and financial stability.
Financial and technological shifts are expected as the initiative aims to improve cross-border payment systems. While the primary focus is on USDT, the broader crypto ecosystem may observe increased transaction volumes in local markets.
Potential outcomes could include increased stablecoin flows across Africa and reduced currency volatility. Industry experts anticipate strategic alliances and innovations in financial infrastructure due to this investment.
