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Strike – a Bitcoin payment service and remittance application – has revealed the incorporation of Tether’s USDT, the largest stablecoin globally.
This recent development follows Strike’s expansion into an additional 65 countries and the introduction of a USDT-supported app design, which was unveiled at Bitcoin 2023.
Strike-Tether Integration
The integration is designed to tackle significant obstacles that impede the broader acceptance of the sector, particularly the volatility associated with crypto-assets.
Thus, the combination of USDT’s stability and functionality with Strike’s payment solutions is anticipated to act as a “dependable bridge” between the cryptocurrency realm and conventional financial systems while reducing exposure to price volatility.
In a statement released on Monday, Tether indicated that users will have the capability to quickly convert their digital assets into fiat currency using its stablecoin as an intermediary, thereby addressing “liquidity challenges that have previously obstructed adoption.”
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In light of this development, Tether CTO Paolo Ardoino remarked,
“We are excited to announce the integration of Tether (USD₮) with Strike. This represents a significant moment for the cryptocurrency sector as it highlights the increasing acceptance and acknowledgment of stablecoins as a dependable and effective digital payment solution.”
The executive further noted that this partnership will enhance the widespread adoption of digital currencies, “fostering innovation and establishing a more inclusive financial ecosystem for everyone.”
Strike Expansion
Strike has declared the extension of its application to over 65 countries beyond its current operations in the United States and El Salvador, increasing its total addressable market to nearly 3 billion individuals. The newly comprehensive list of 47 supported nations includes Bhutan, Brazil, Ecuador, Guatemala, Honduras, Kenya, New Zealand, Paraguay, and Uganda, in addition to previously announced expansions such as Argentina, Nigeria, Kenya, and Ghana.
Earlier this year, it collaborated with fintech leader Fiserv to integrate Bitcoin’s lightning network with the point-of-sale terminal provider Clover.
The digital payments platform also formed an integration with e-commerce leader Shopify last November to facilitate merchants in accepting Bitcoin payments as US dollars seamlessly.
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