Michaela
Tether Limited, the issuer of arguably the world’s largest stablecoin, has unveiled a strategic investment in Zengo Wallet, the self-custodial crypto wallet.
In a blog post published February 11, Tether revealed that its investment is part of a broader initiative to support self-custody solutions and accelerate the global adoption of stablecoins.
Tether’s investment will allow Zengo Wallet to integrate support for its stablecoins across multiple leading blockchains, including Bitcoin, Ethereum, and Toncoin.
Zengo Wallet offers a range of advanced features, including integrated payment solutions, cross-chain swap capabilities, and round-the-clock customer support.
“Tether is committed to delivering reliable and secure tools that empower users to take control of their digital assets. Our investment in Zengo reflects that commitment,” said Paolo Ardoino, CEO of Tether.
Additionally, the investment will contribute to the expansion of Zengo Pro, a premium service aimed at improving user experience with features such as theft protection, legacy transfer options, and real-time customer support.
On Tuesday, Ardoino criticized the performance of MetaMask, a widely used cryptocurrency wallet and blockchain gateway, citing its sluggishness in recent months. He pointed to what he described as a poor user experience and suggested alternatives, including Rabby Wallet.
Expansion and Delisting
Tether’s investment in Zengo Wallet comes amid growing regulatory scrutiny in the European Union (EU), as its USDt stablecoin faces delistings from several exchanges striving to comply with the Markets in Crypto-Assets (MiCA) framework.
In early February, cryptocurrency exchange Kraken revealed plans to delist Tether’s USDt in Europe by March 31. According to the announcement, deposit addresses for the affected tokens will be disabled by February 27, though users will still be able to trade them in “sell-only” mode.
By March 24, Kraken will cease all spot trading of USDT, automatically closing open orders and converting remaining holdings into other cryptocurrencies or fiat currency.
Tether is also reportedly exploring the possibility of expanding its presence in the United States. However, Ardoino has emphasized that the company will proceed cautiously, prioritizing regulatory clarity before making any significant moves.
Ardoino stated that the company is holding off on expansion plans until there is greater regulatory clarity. He emphasized the need to carefully assess the evolving legal framework before making any further moves.
Read More
- Tether EU Time Bomb: Crypto Markets Brace for a Delisting Disaster
- Coinbase Delists USDT, Critics Say ‘Don’t Believe The FUD’
- Coinbase CEO: Exchange Would Delist Tether if Required by U.S. Law
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
