$3 Million Tether Investment Aims to Expand USDT in the Middle East

Tether Operations Limited has invested $3 million in Kem, a financial management app, marking a significant step toward improving financial inclusion throughout the Middle East. With this strategic alliance, Tether’s USDT stablecoin will be more widely used in an area that is already home to the sixth-largest cryptocurrency market globally.

The Middle Eastern population will have easier access to digital currencies thanks to the integration of USDT into Kem’s platform through the cooperation between Tether and Kem. The cryptocurrency market has grown significantly in the region; between July 2022 and June 2023, $389.8 billion in on-chain transaction value was reported. With the aim of giving residents and expats in these important areas greater access to financial services, Tether is investing in Kuwait, Bahrain, Saudi Arabia, Qatar, and Iraq. The project seeks to tackle economic issues that are common in some of these countries, such as financial instability and hyperinflation.

Aligning with Tether’s Global Mission

Paolo Ardoino, CEO of Tether, highlighted that this investment aligns with Tether’s broader mission to promote global financial stability and inclusion. He stated, “We believe that everyone should have the means to protect their families and businesses against inflation while enjoying unrestricted access to financial services. Our investment in Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all.”

Tether’s strategic investment in Kem is expected to accelerate the adoption of digital assets in the Gulf region, supporting underserved communities and contributing to a more inclusive financial ecosystem.