Tether invests in cross-border remittance fintech company LemFi, specific amount undisclosed

Tether, the issuer of stablecoins, has invested in the cross-border remittance fintech company LemFi, with the specific amount undisclosed, according to The Block. LemFi, founded in 2021, has raised a total of $85 million and has over 1 million users. As part of this investment, LemFi will integrate Tether's settlement network, utilizing USDT as the settlement layer in its main remittance channels operating in Africa and Asia, thereby reducing reliance on traditional payment networks like SWIFT. Both parties have stated that they will collaborate to enhance the speed, cost, and transparency of cross-border remittances.