Tether has announced a strategic investment in Fizen Limited, a fintech company focused on self-custody wallets and digital payments.
Tether is teaming up with Fizen to boost the real-world use of stablecoins and help out those who don’t have access to banking. Fizen lets people store, transfer, and spend stablecoins easily using self-custody wallets.
Their tech simplifies crypto payments for both shoppers and businesses, with features like QR codes and card readers. This means businesses can accept stablecoins and get instant fiat settlements without having to invest in a bunch of extra infrastructure — making digital payments accessible.
According to the World Bank’s Global Findex Report, there are still millions of people without bank accounts because they can’t access financial institutions or lack the necessary documentation.
Tether’s investment will help Fizen scale its blockchain tech to boost stablecoin use across different platforms and tackle some of these issues.
Merchant adoption of stablecoins
Even though stablecoins can offer fast and cheap transactions, getting merchants to adopt them has been a bit of a challenge. Fizen’s approach aims to change that by delivering a straightforward and user-friendly payment experience, which could really open the door for more people to use crypto for everyday purchases.
With QR code payments set to soar past $3 trillion globally by 2024 and more folks getting smartphones, there’s a big opportunity here to drive stablecoin use worldwide.
“Tether’s investment in Fizen is all about our goal to make efficient digital financial solutions accessible to everyone,” said Paolo Ardoino, Tether’s CEO. He noted that having a self-custodial setup is key to making stablecoins practical for real-world use.
Tether said it is making this move to advance its USDT (USDT) stablecoin and support financial freedom and inclusion.
