20 Sep, 2024
Tether Expands Global Reach with $1.5M Investment in Africa and Asia
Tether has announced a strategic $1.5 million investment in Sorted Wallet, a revolutionary crypto wallet designed specifically for feature phones and low-powered smartphones. Launched in 2023, Sorted Wallet aims to enhance financial inclusion by providing secure crypto transactions for unbanked and underbanked populations, particularly in regions like Africa and Southern Asia.
The wallet has already made significant strides, with over 70,000 downloads in its first year, making it an accessible platform for those who lack access to traditional banking services. Tether's investment reinforces the company’s mission to drive global financial accessibility, especially in regions with limited banking infrastructure.
Financial Inclusion with Crypto: Tether's Mission in Emerging Markets
Paolo Ardoino, Tether’s CEO, emphasized the importance of this investment: “This underscores Tether’s commitment to advancing financial inclusion and economic empowerment in underserved regions.” By backing Sorted Wallet, Tether seeks to enable millions of individuals to access financial services via their mobile devices. Cryptocurrency is playing a pivotal role in regions like Africa, Central Asia, and Oceania, where traditional banking services are scarce. In countries like India, the use of crypto for fast remittances, investments, and stable alternatives to local currencies is growing at a rapid pace.
How Sorted Wallet Expands Financial Access
With Tether’s investment, Sorted Wallet is positioned to expand its reach across emerging markets, allowing users with even the most basic mobile devices to participate in the evolving digital economy. Stephen Browne, CEO of Sorted Wallet, remarked, "Financial empowerment should not depend on owning the latest smartphone. With Tether’s support, we’re turning this vision into a reality for millions."
Tether’s Strategic Investment Portfolio
This move follows Tether’s recent interest in the agriculture sector. The company became the third-largest shareholder of Adecoagro, acquiring 9.8% of its shares as part of a broader strategy to diversify its investment portfolio, which now includes land, Bitcoin, and gold.
Tether has also emerged as a major player in the U.S. treasury market. According to analysts at Bernstein, stablecoin issuers like Tether are among the 18th largest holders of U.S. treasuries, just behind Saudi Arabia. Tether’s profits from U.S. treasuries reached $5.2 billion in the first half of 2024, highlighting the growing importance of stablecoins in global finance.
The Growing Stablecoin Market
The stablecoin market is experiencing growth, with onchain payment volumes tripling to $1.4 trillion in the last 12 months. Stablecoins now account for 50% of all onchain transaction volumes, and the number of active users has increased to 22 million, with 120 million wallets holding non-zero balances.
As Tether continues to lead the way in both financial inclusion and global finance, its investment in Sorted Wallet underscores a crucial shift towards a more connected digital economy.