STABLECOINS | Tether Invests in LemFi to Push USDT-Powered Remittances Across Africa and Asia

Tether, the issuer of USDT, the world’s most widely used stablecoin, has announced an investment in cross-border payments platform, LemFi, to expand stablecoin-powered remittance services across emerging markets as Tether pushes deeper into real-world financial infrastructure.

The investment will support the integration of Tether’s USDt stablecoin into LemFi’s remittance network which serves diaspora communities sending money between Europe, North America, Africa and Asia.

The partnership aims to reduce the cost and settlement times of cross-border transfers via on-chain payments instead of traditional banking rails such as SWIFT.

Founded in 2020, LemFi has grown rapidly among migrant users seeking cheaper international money transfers and multi-currency accounts. The company recently surpassed 1 million users and processes more than $1 billion in monthly transaction volume, according to company statements.

Commenting on the milestone, Ridwan Olalere, CEO and Co-Founder, LemFi, said:

“Tether’s investment is a significant milestone for us at LemFi, but more importantly, it is a validation of the direction we are heading. We have always believed that the financial system should work equally well for everyone, regardless of where they live or where they are sending money.

Integrating USD₮ into our infrastructure brings us closer to that reality, enabling faster, cheaper, and more reliable financial services for the millions of people who depend on us every day.”

Tether CEO, Paolo Ardoino, said the investment aligns with the company’s strategy of expanding financial access through stablecoin infrastructure.

“At Tether, our goal is to promote financial inclusion, and we are committed to working with platforms building scalable financial solutions that address the real needs of our 585 million users globally.

Our investment in LemFi reflects our shared vision on how money moves across borders, prioritizing speed, cost, and transparency. By supporting LemFi’s growth and innovation roadmap, we are helping bring the benefits of a stable digital asset to more people who rely on remittances in their daily lives.” 

Africa’s fintech sector is increasingly embracing stablecoins as it seeks to streamline cross-border payments, overcome currency volatility, and offer faster, cheaper alternatives to traditional remittance and settlement channels.

Stablecoins are gaining traction as fintech players look to bypass unreliable correspondent banking systems. In recent months, firms like PayStack, Flutterwave, and Onafriq (formerly MFS Africa) have ramped up their use of stablecoins to facilitate international payments and settlements across the continent.

The move comes as stablecoin issuers increasingly position digital dollars as a tool for remittances and payments in regions with high transfer costs and limited banking access. Africa remains one of the world’s most expensive remittance corridors, according to World Bank data.

Stay tuned to BitKE on stablecoin developments across Africa.

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