Tether, the leading stablecoin issuer, recently made a strategic investment of $3 million in the Kem app to increase the adoption of its stablecoin USDT. This investment aims to help Tether reach new markets and further its commitment to financial inclusion worldwide, as stated by Tether CEO Paolo Ardoino.
The partnership between Kem and Tether is significant as it comes at a time when crypto adoption is on the rise in the Middle East and North Africa (MENA) region. This region has emerged as the sixth largest crypto economy globally, with an on-chain value of approximately $389.8 billion from July 2022 to June 2023.
Dubai and Abu Dhabi are leading destinations for crypto in the MENA region, highlighting the growing interest in digital assets. Tether’s investment in Kem will enable the platform to offer USDT to its users, thereby promoting the adoption of the stablecoin in the Middle East.
In addition to the investment in Kem, Tether recently announced a record profit of $5.2 billion in the first half of 2024. Despite this success, Tether is facing legal challenges, including a lawsuit from Celsius. Ardoino emphasized that the legal battle is essential to set an example for those engaging in fraudulent activities within the crypto industry.
The collaboration between Kem and Tether underscores the growing importance of crypto in the global financial landscape. By providing users with access to USDT through the Kem app, Tether aims to facilitate financial freedom and stability for individuals and businesses worldwide.
As Tether continues to expand its reach and influence in the crypto market, its partnership with Kem signals a new chapter in the journey towards widespread adoption of digital assets. The investment in Kem reflects Tether’s dedication to advancing financial inclusion and empowering individuals to safeguard their financial well-being against inflation.
Overall, Tether’s strategic investment in Kem represents a significant step towards promoting the use of USDT in the Middle East and driving financial innovation in the region. With the MENA region emerging as a key player in the crypto space, collaborations like the one between Tether and Kem will play a crucial role in shaping the future of finance.