Tether Backs Speed with $8M to Enhance Stablecoin Payments
Tether, the company behind the widely‑used stablecoin USDT, has invested $8 million in Speed, a payments infrastructure firm that combines the Bitcoin Lightning Network with stablecoins to facilitate faster and more affordable transactions.
Investment Round
The investment round, which also included participation from Ego Death Capital, aims to support Speed’s mission of enabling instant, low‑cost payments by leveraging the high‑speed capabilities of the Lightning Network and the price stability of stablecoins.
Speed’s Current Reach
Speed currently processes over $1.5 billion in annualized payment volume and serves approximately 1.2 million users and businesses through its core products, Speed Wallet and Speed Merchant. The platform is designed to bridge the gap between Bitcoin‑native networks and practical payment needs, particularly for cross‑border transactions, creator payouts, and merchant settlements.
Strategic Alignment with Tether
Tether’s investment aligns with its strategy to expand the real‑world use cases of USDT and support Bitcoin‑aligned financial infrastructure. Paolo Ardoino, CEO of Tether, praised Speed for demonstrating the potential of the Lightning Network when paired with a stable digital dollar like USDT.
Vision from Speed’s Leadership
Niraj Patel, CEO of Speed, emphasized the platform’s role in moving cryptocurrency beyond speculation into functional, global payments. He noted that the investment reflects a growing trend among major digital‑asset firms to back infrastructure that enables real‑world financial activity rather than just trading and speculation.
Implications for the Crypto Landscape
This strategic move underscores the increasing focus on practical applications of cryptocurrency and stablecoins in everyday transactions, highlighting the potential for blockchain technology to revolutionize global payments.
