USDT Issuer Tether Backs Multichain Crypto Wallet Zengo To Boost Stablecoin Adoption

The firm behind the biggest US dollar-pegged stablecoin by market cap is throwing its considerable weight behind a new multichain custody wallet.

According to a new announcement from USDT-issuer Tether, the stablecoin behemoth is investing in the self-custodial crypto wallet Zengo.

Says Tether CEO Paolo Ardoino of the investment,

“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.

By supporting Zengo’s innovative approach to self-custody, we aim to help more people worldwide access blockchain technology with confidence, ease, and security. Together, we are shaping the future of how stablecoins are used and adopted.”

Tether says that Zengo has a range of proprietary payment tools to facilitate and ease cross-chain swaps that are suitable for crypto veterans and newbies alike. The crypto wallet also aims to leverage MPC (multi-party computation) technology to eliminate seed phrase vulnerability.

Says Zengo’s co-founder and CEO Ouriel Ohayon on partnering with the stablecoin giant,

“Stablecoins are the cornerstone of an inclusive financial future.

We are proud to partner with Tether to make self-custody simple, secure, and accessible. 

By integrating advanced technology and fostering broader adoption of USDT – the world’s largest stablecoin, serving over 400 million users – Tether aims to strengthen its role as the world’s most widely used stablecoin, empowering users worldwide with greater financial freedom.”

According to Zengo’s website, the wallet currently supports 10 major blockchains, including Bitcoin (BTC), Ethereum (ETH) and Base.

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Featured Image: Shutterstock/art.disini/WindAwake