Tether CTO Paolo Ardoino has announced that Tether has inked a partnership deal with the MeconCash crypto platform, and now USDT will be available to users of more than 13,600 Bitcoin ATMs in South Korea.
USDT expands to a large ATM network in South Korea
In his tweet, Paolo Ardoino announced that, through the recent partnership, USDT has joined the ecosystem of MeconCash (MCH) and will be available in its large crypto ATM network in South Korea. Users there will be able to withdraw this stablecoin in Korean wons seamlessly.
USDT is the first stablecoin that MeconCash will launch on its network, an article on the Tether blog says, reminding readers that this platform deals with crypto payments, rewards and even mobile services.
After USDT is integrated into the MCH ecosystem, this will allow local users to utilize USDT to pay for goods and services presented by merchants online.
Cross-border remittances in USDT to become faster and cheaper
This collaboration of Tether and MeconCash will solve several issues for Tether and remove some barriers in the traditional financial system.
Tether expects that adding USDT to the MCH ecosystem will make transnational remittances in USDT faster and bring down commission fees, to allow users to send USDT easier and much more often.
USDT market cap surpasses $15 bln
Earlier today, Tether announced that its stablecoin USDT had reached another significant milestone: its market capitalization value surpassed the $15 bln mark.
Paolo Ardoino shared the "success story" of USDT, stating that this progress is not only about Tether's stablecoin but also shows the progress of the entire crypto industry.
It shows the overall progress that crypto assets have gained as a store of value, gaining more trust from the side of retail and institutional investors.
The current $15 bln market cap value has been achieved in the course of the present bull run of crypto assets, Ardoino believes.
Recently, Tether has taken the third spot on CoinMarketCap, pushing Ripple's XRP back one position. This is the second time it has happened in 2020, and so far USDT remains the third cryptocurrency.