Tether backs Peso’s USDT payments expansion in four countries

Tether has led an undisclosed preseed investment in Bolivian fintech Peso to expand its USDT payment services in Bolivia, Brazil, Colombia and Argentina, according to an announcement by the stablecoin issuer. The funding is intended to support infrastructure linking digital-dollar payments with local banking and merchant services. The investment amount and other participants in the round were not disclosed. Peso already enables customers in Bolivia to pay for Yango food deliveries using USDT, Tether said. The companies have not reported transaction volumes or payment values for the service. Tether’s announcement described the Yango integration as operational, while offering no figures on its reach. The planned work includes connections between USDT and local currencies through banking systems, as well as merchant services such as QR payments and payment terminals. Peso also offers virtual accounts linked to Bolivia’s banking system, through which users can move funds between USDT and local currency using automated clearing house transfers. Tether said the investment would support developing these services across the four markets. Peso’s application allows users to hold USDT,...