Tether, a leading stablecoin issuer, has invested $8 million in Bitcoin startup Speed to promote business-level stablecoin payments on Bitcoin’s Layer-2 Lightning Network. Speed’s technology aims to integrate the Lightning Network with stablecoins, enabling faster and lower-cost global financial transactions. According to Tether CEO Paolo Ardoino, Speed’s growth and adoption indicate that Bitcoin-associated networks are ready to enter mainstream business applications. Ego Death Capital, a company working within the Bitcoin ecosystem, also participated in this funding round. Speed currently serves over 1.2 million users through its Speed Wallet and Speed Merchant products, managing approximately $1.5 billion in annual payments. This investment aligns with Tether’s broader strategy to support Bitcoin-based payment platforms and expand the use of its well-known stablecoin, USDT. Tether’s investment in Speed is part of a diversified approach that includes interests in Bitcoin mining, artificial intelligence, energy, finance, and sports teams. A significant portion of Tether’s profits comes from interest earned on U.S. Treasury bills backing USDT. With a market capitalization of about $186 billion, Tether is the world’s largest stablecoin and has generated billions in profit over recent years, ranking it among the most profitable companies per employee globally. This investment marks a significant advancement for both Tether and Speed, facilitating faster, more affordable Bitcoin payments and increasing global stablecoin adoption.
Source: binance
