Summary:
- Digital payments processor Strike will integrate USDT, crypto’s largest stablecoin issued by Tether.
- CTO Paolo Ardoino said the collaboration will catapult digital currency adoption by “overcoming liquidity challenges that have previously hindered adoption.”
- Strike’s integration was announced shortly after the USDT issuer said it was buying Bitcoin with realized profits.
- The stablecoin company had $1.5 billion in BTC reserves at the end of Q1 2023 and said it will allocate 15% of net realized profits toward strengthening its Bitcoin holdings.
Strike, a digital payment processor built atop the Bitcoin Lightning Network, will integrate crypto’s largest stablecoin by market cap issued by payment provider Tether – USDT.
According to the announcement blog post, the collaboration will address liquidity concerns stifling payments markets and motivate broader adoption of digital currencies, particularly stablecoins. CTO Paolo Ardoino added that the integration will ensure greater financial inclusion as Strike recently expanded to 65 additional countries.
The Strike mobile payments app was only available in a handful of countries like the U.S. and El Salvador.
By combining 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. This collaboration signifies a significant leap toward mainstream adoption of cryptocurrencies, as it addresses several key challenges faced by the industry.
Tether’s Bitcoin Bag
The Strike integration comes on the back of the company’s Bitcoin accumulation strategy for its stablecoin reserves. At the end of Q1 2023 in March, Tether’s quarterly attestation revealed that the company held a massive $1.5 billion worth of Bitcoin, along with other assets like Gold and short-term treasury bills.
In addition, Tether said it would start buying more Bitcoin starting in May. The company will allocate 15% of net realized operating profits toward strengthening its BTC reserve. The extra Bitcoin will serve as an extra cushion to USDT’s reserves that the payments company claims are 100% backed.
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