Stablecoin giant Tether has joined hands with the United Nations Office on Drugs and Crime (UNODC) to bolster crypto security in Africa. This strategic partnership comes amid the rising adoption of Tether’s USDT stablecoin in Nigeria.
This alliance aims to deal with the growing crypto-related scams and frauds in Africa. By taking this step, the firm sees the possibility of user protection and innovation in the nation.
Tether and UN Team Up to Save Africa from Rising Crypto Scams
According to a press release, Tether and UNODC have entered into a strategic collaboration, with the vision of safeguarding African crypto users. As one of the largest global users of USDT, Tether is keen to foster security and trust among its user base on the continent.
Through this partnership, the stablecoin platform will help the organization to achieve its Strategic Vision for Africa 2030. In this joint venture, both platforms aim to promote peace and security in the country, ensuring crypto investor protection. Leveraging blockchain and other advanced technologies, the project will confront growing cybercrimes and provide support for victims.
Commenting on the initiative, Tether CEO Paolo Ardoino stated,
Significantly, this development is part of the company’s broader efforts to solidify its footprint in the global crypto market. The platform is also expanding its reach across multiple industries. Recently, Tether offered a $1B bid to acquire Juventus Football Club. The latest initiative highlights that solid security measures are also as important as expansion strategies.
UNODC’s Regional Representative, Sylvie Bertrand, highlighted the significance of digital assets across the world, especially in developing continents like Africa. She added,
Nigeria Embraces USDT
According to an X post shared by Tether lately, Nigerio holds one of the largest user bases for the USDT token. The thread read, “In Nigeria, from remittances to daily survival, USD₮ has become part of everyday life.”
As per reports, one of the major reasons Nigerians are increasingly adopting USDT is its convenience. It is a stablecoin, pegged to the US dollar, and the USDT price is currently at $0.9992737262460.
Unlike other cryptocurrencies like BTC or ETH, USDT holds a stable value. For trading, storing, or even converting to Naira, USDT provides an easy way. This also makes it a better option for Nigerians as a payment vehicle. They use the Tether token for daily activities like e-commerce spending and other everyday purchases.
Source: https://coingape.com/tether-and-un-join-forces-for-africas-crypto-security-as-usdt-adoption-grows-across-nigeria/
