Tether commits $3m to expand USDT in the Middle East

Tether Operations Limited has announced a $3 million strategic investment in Kem, a financial management application that aims to improve financial inclusion in the Middle East.

Tether’s $3 million investment comes as the company aims to promote adoption of its Tether (USDT) stablecoin and provide more accessible financial services in the region.

Details of Tether and Kem partnership

The partnership will introduce Tether’s stablecoin USDT to the Kem platform, aiming to drive widespread adoption of digital currencies in the Middle East. The Middle East and North Africa (MENA) region is currently the sixth-largest crypto economy globally, with $389.8 billion in on-chain transaction value from July 2022 to June 2023.

Tether’s investments focus on countries like Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq, where it hopes to provide more accessible financial services to foreigners and residents, thereby alleviating issues related to hyperinflation and economic instability.

Tether CEO Paolo Ardoino emphasized that this move aligns with Tether’s broader mission to promote financial stability and inclusivity globally.

“We believe everyone should have the tools to protect their families and businesses against inflation while enjoying unrestricted access to financial services. Our investment in Kem App is a testament to that belief, as the platform provides tools that simplify access to the financial system and aligns perfectly with our mission to advance financial freedom for all,” said Ardoino.

This investment is expected to expand the reach of digital assets in the Gulf region, support underserved businesses, and create a more inclusive financial environment.