Tether, the issuer of the USDT stablecoin, has led an $8 million investment round in the crypto startup Speed. Speed offers an advanced platform that enables fast and low-cost stablecoin payments using the Bitcoin Lightning Network, a second-layer technology designed to accelerate and optimize Bitcoin blockchain transactions, particularly for small and instant payments. This investment comes as stablecoins gain prominence in the crypto market due to their price stability, which facilitates easier adoption by users and merchants. Speed aims to make stablecoins like USDT more accessible and usable globally through the Lightning Network, potentially driving growth in digital payments worldwide. The funding will help Speed enhance its technology and expand its user base. Although the Bitcoin Lightning Network is still developing and requires further technical improvements and security measures for widespread adoption, Tether’s investment signals a positive step toward promoting stablecoin usage in the crypto ecosystem, contributing to the establishment of a secure and sustainable digital financial system. Stablecoins play a crucial role in protecting against market volatility, and technologies like the Lightning Network improve their functionality. Following this investment, Speed is expected to attract additional funding to improve its services and increase global stablecoin accessibility.
Source: decrypt
