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Bitcoin payments app Strike integrates Tether’s USDT stablecoin

Companies • May 22, 2023, 10:12AM EDT

Quick Take

  • Bitcoin payments app Strike has added support for Tether’s USDT stablecoin.
  • The move means USDT on-ramps, off-ramps and settlements are now possible within the Strike app, Tether CTO Paolo Ardoino told The Block.

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Strike, a payments platform built on Bitcoin’s Lightning Network, has added support for Tether’s USDT, the world’s largest stablecoin.

The development means USDT on-ramps, off-ramps and settlements are now possible within the Strike app, Tether CTO Paolo Ardoino told The Block. While it hasn’t been finalized which blockchains will be used to support USDT on the platform, he said “it will be a mix of most used chains.”

The announcement comes two days after Strike launched its app in 65 new countries from a previous base of the U.S., Argentina and El Salvador. The app allows users to instantly send and receive bitcoin, utilizing the Lightning Network. Users can also send payments within the platform and buy bitcoin.

“With Tether’s stablecoin as an intermediary, users gain the ability to convert their digital assets into fiat currency swiftly, overcoming liquidity challenges that have previously hindered adoption,” Tether said in a statement Monday. “This user-friendly approach aligns with Tether and Strike’s commitment to democratizing finance and promoting inclusivity on a global scale.”

As part of the arrangement, Strike will hold “cash” balances belonging to non-U.S. customers in USDT, not in any fiat currency, according to company documentation about the app. “When we refer to ‘cash’ in the app, we do so only for convenience, and references to ‘cash’ should be interpreted to mean USDT,” the company said.

Launched in 2014, USDT is the largest stablecoin in the world, with a total supply of over 83 billion coins, according to The Block’s Data Dashboard.

Strike was founded in 2020 by Jack Mallers, and the company plans to launch its app in more markets in the future.

“Everyone on planet Earth should have easy access to money that can’t be inflated by governments and a payments network that can’t be influenced by intermediaries,” Mallers said last week. “Strike is a global money app that gives everyone easy access to better payments and bitcoin. It’s an experience billions of people need. That’s our mission, Better Money. It’s what we do.”