Tether expands presence in Africa with investment in Shiga Digital

Tether has invested in pan-African blockchain solutions platform Shiga Digital, marking another step in its strategy to expand across the African continent.

Fresh from another strategic investment in Chile-based crypto platform Orionx, with eyes on Latin America, Tether has announced plans to tap into its massive resources once again to bring Tether (USDT)-powered solutions to users across Africa.

With Shiga Digital, Tether is looking to offer a solution to the problem of cross-border payments and global liquidity. The collaboration will leverage Shiga Digital’s suite of products, including virtual accounts, over-the-counter services, treasury management and foreign exchange.

The services are targeted for enterprises across the continent, and USDT will be key to allowing users access payments in foreign currencies. Shiga Digital and Tether are looking to democratize traditional finance via the USDT integration. 

Blockchain adoption is on the rise and not many crypto companies boost the traction and impact of Tether, issuer of world’s largest stablecoin by market share. Tether’s market cap currently stands at over $153 billion. 

In early May, Tether published a report showing it held nearly $120 billion in U.S. Treasuries, with quarterly operating profit exceeding $1 billion.

“At Tether, we believe stablecoins are the heartbeat of financial transformation,” said Paolo Ardoino, chief executive officer of Tether. “By collaborating with innovators like Shiga Digital, we aim to deliver financial access and efficiency to African enterprises. Together, we are not just imagining a future powered by blockchain technology, we are building it.”

Tether’s growing presence in Africa extends beyond investment and cross-border payment solutions. The company is also committed to accelerating blockchain adoption through partnerships in education and innovation.

In February, Tether signed a memorandum of understanding with the Republic of Guinea. The initiative aims to support the country’s digital transformation and economic growth by leveraging blockchain infrastructure.