Strike, a payments platform built on Bitcoin’s Lightning Network, has recently expanded its support to include Tether’s USDT, the world’s largest stablecoin.
This development enables the Strike app to facilitate USDT on-ramps, off-ramps, and settlements, according to Tether CTO Paolo Ardoino. While the specific blockchains that will be used to support USDT on the platform have not been finalized, Ardoino stated that it will likely be a combination of the most commonly used chains.
This announcement comes just two days after Strike launched its app in 65 additional countries, significantly expanding its reach beyond its original user base in the United States, Argentina, and El Salvador. The Strike app allows users to instantly send and receive bitcoin by leveraging the Lightning Network. Additionally, users can make payments within the platform and purchase bitcoin.
Tether highlighted the benefits of incorporating its stablecoin as an intermediary, emphasizing that users can swiftly convert their digital assets into fiat currency, overcoming previous liquidity challenges that hindered adoption. Tether stated that this user-friendly approach aligns with the commitment of both Tether and Strike to democratizing finance and promoting inclusivity on a global scale.
As part of the agreement, Strike will hold “cash” balances of non-U.S. customers in USDT rather than in any specific fiat currency. The company clarified that references to “cash” in the app should be understood to mean USDT, as stated in their app documentation.
Launched in 2014, USDT is currently the largest stablecoin globally, boasting a total supply of over 83 billion coins, according to The Block’s Data Dashboard.
Founded in 2020 by Jack Mallers, Strike has ambitious plans to expand its app to additional markets in the future. Mallers expressed his vision for a world where easy access to money unaffected by government inflation and a payments network free from intermediary influence is available to everyone. He described Strike as a global money app that provides convenient access to improved payments and bitcoin, emphasizing its importance for billions of people. Mallers summarized the company’s mission as “Better Money” and reaffirmed their commitment to achieving this goal.