Tether invests in Parfin…expands Latin American operations

JOON HYOUNG LEE

Summary

Tether said it will invest in Latin America-based web3 infrastructure firm Parfin.
It said the investment aims to accelerate institutional adoption of Tether and improve access to blockchain payments.
It said Latin America's cryptocurrency trading volume increased by 160% over the past two years, indicating significant market potential.

Tether (USDT), the dollar stablecoin issuer, is investing in Latin America–based web3 infrastructure firm Parfin (Parfin).

Tether said on the 20th (local time) that it had decided to invest in Parfin. The specific investment amount was not disclosed. Tether explained, "(Through the Parfin investment) it plans to accelerate institutional adoption of Tether and improve access to efficient blockchain payments in the Latin American region."

Tether's investment in Parfin is to expand its Latin American operations. According to Chainalysis, Latin America recorded cumulative cryptocurrency trading volume of US$1.5 trillion from July 2022 to June this year. Monthly volume rose from US$34 billion in November 2022 to US$87.7 billion in December last year, jumping nearly 160% in the past two years.

Tether said, "The upward trend (in cryptocurrency trading volume) shows the potential of Latin America," adding, "Institutional use of cryptocurrencies is a major driver of this growth."

USDT