Tether, the company behind the world's largest stablecoin USDT, announced on July 22 a strategic investment in cross-border payment platform LemFi. The deal aims to integrate USDT as the settlement layer for remittance corridors serving millions of migrant workers from Europe and the US to Africa and Asia, effectively replacing the traditional SWIFT network.
LemFi: A Financial Hub for the Global Diaspora
LemFi provides financial services to migrant workers who need to send money to their families in Africa and Asia. The platform has become a lifeline for those underserved by traditional banks. With Tether's investment, LemFi will use USDT as its settlement layer, enabling near-instant and low-cost transfers that undercut the slow and expensive SWIFT system.
How USDT Replaces SWIFT
Traditional SWIFT transfers can take days and incur high fees. By integrating USDT, LemFi’s infrastructure allows funds to be settled in seconds at a fraction of the cost. Tether will also help upgrade LemFi's stablecoin infrastructure, paving the way for broader adoption in other financial products.
Tether CEO: Serving 585 Million Real Needs
Tether CEO Paolo Ardoino emphasized that this investment aligns with the company’s mission of financial inclusion, targeting the 585 million users who rely on cross-border remittances worldwide. LemFi CEO Ridwan Olalere said the partnership brings the vision of “a fair financial system for everyone” closer to reality.