Tether Invests In Bolivian Fintech Peso To Expand USDT Payments

TL;DR: Tether says it led Peso’s pre-seed round to expand USDT payment infrastructure in Latin America. The announcement emphasizes local bank connections and merchant payments, without disclosing the investment amount. Tether’s latest investment is aimed at the point where a dollar token becomes useful for buying lunch, paying a merchant or moving money into a local bank account. The USDT issuer announced on October 21 that it led a pre-seed funding round in Peso, a Bolivian financial-technology company. Financial terms were not disclosed in the announcement. Peso’s products include USDT accounts, point-of-sale acceptance and virtual accounts connecting to Bolivia’s banking system through QR and ACH payment arrangements, according to Tether. The company also describes an integration enabling food orders paid in USDT through Yango in Bolivia. Funding is intended to expand local on- and off-ramps in Bolivia, Brazil, Colombia and Argentina, as well as merchant and account infrastructure. The Difficult Part Comes At The Edges Moving a stablecoin between blockchain addresses is only one part of a usable payment service. A customer may earn local currency, hold a dollar balance and pay ...