Tether Unveils Mobile App for Seamless Money Transfers

Tether, the company behind a stablecoin, is about to launch a mobile application that will allow businesses and individuals to make international purchases and settlements using the USDt and XAUt currencies. This app will support transactions between businesses, businesses and consumers, and even consumer-to-consumer transactions. It comes with features like direct payments, escrow services, and a platform to resolve disputes. Notably, it will also be compatible with the Bitcoin Lightning Network.

Paolo Ardoino, Tether’s Chief Technology Officer, expressed his excitement about this app’s potential for the future of trade finance in a tweet. While the app is still being tested in its beta version, it’s expected to be released to the public soon. Although the exact details of the app haven’t been revealed yet, the news has generated a lot of interest and excitement within the cryptocurrency community.

Recent reports suggest that Tether has encountered some challenges that have impacted the stability of its USD-pegged stablecoin, USDT. Over the past weekend, there were imbalances observed in both Curve’s 3pool and Uniswap V3’s primary USDT-USDC pool due to a surge in USDT selling. Uniswap recorded approximately $40 million in selling activity, while Curve experienced around $35 million in the same context.

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