Tether Invests in LemFi to Expand USDT Settlements in Africa and Asia
According to Tether, its investment in LemFi will support USDT settlement across African and Asian remittance corridors, as LemFi scales a cross-border platform serving more than 1 million users.
USDT
Fact Check
The claim is directly and fully confirmed by Tether's own official press release at tether.io, which is the primary originating source. It explicitly states the investment in LemFi, the goal of USDT settlement across African and Asian remittance corridors, and includes direct quotes from both CEOs. The Block and Crypto.news provide independent corroboration, with The Block adding the detail that LemFi serves over 1 million customers - consistent with the claim's 'more than 1 million users' figure. The investment amount is undisclosed across all sources. No conflicting evidence was found. The only minor caveat is that the claim says 'more than 1 million users' while the Tether press release says 'millions,' but The Block specifically cites 'over 1 million customers,' making the claim accurate.
Summary
Tether announced an undisclosed investment in cross-border remittance fintech LemFi to expand USDT-based settlement across LemFi’s corridors in Africa and Asia. LemFi, founded in 2021, has raised $85 million and serves more than 1 million users. According to Tether, the deal includes integrating Tether’s settlement network into LemFi’s remittance flows, with the partnership positioned as a way to support faster and lower-cost cross-border transfers.
Terms & Concepts
- USDT: A stablecoin issued by Tether that is designed to maintain a value pegged to the U.S. dollar.
- stablecoin: A cryptocurrency designed to hold a relatively stable value, often by being linked to a fiat currency such as the U.S. dollar.
- SWIFT: A global financial messaging network widely used by banks for cross-border transfers, which stablecoin settlement aims to bypass for faster processing.