African blockchain payment startup Ivorypay has partnered with Tether, the company behind the world’s largest stablecoin USDT, to enable its users to mint and issue USDT directly through Ivorypay. This partnership aims to facilitate fast and cost-effective blockchain transactions for businesses and individuals in Africa.

With many African currencies rapidly losing value, more people are turning to stablecoins, like Tether, to protect their wealth from volatility. By leveraging Tether's stability and widespread acceptance, Ivorypay seeks to offer a reliable option for users to transact in digital currencies confidently, including for cross-border remittances.

“Partnering with Tether is a strategic move that aligns perfectly with our vision of simplifying and securing crypto transactions across Africa. It gives us easy access to the liquidity we need to cater to more businesses and individuals across the continent and to do that cheaper and faster than anybody else, which we believe will significantly enhance user trust and increase adoption rates across our platforms,” said Oluwatobi Ajayi, CEO of Ivorypay.

Tether, established in 2014, dominates about 70% of the $142 billion stablecoin market, according to DeFiLlama data. Ivorypay is also expanding its market presence by partnering with Wallet by Telegram to enter the African market. The company has secured backing from Crypto Valley VC, demonstrating investor confidence in its growth prospects.

The firm's payment ecosystem Ivorypay for businesses and Mansa, its crypto payment app for individuals, are gaining popularity among users. The partnership with Tether will make Ivorypay's blockchain services in Africa more reliable and accessible.

According to Aly Madhavji, Managing Partner at Blockchain Founders Fund, an investor in Ivorypay, the partnership represents a transformative step for digital transactions across Africa.

“By integrating USDT into their payment systems, Ivorypay is poised to enhance financial inclusivity and streamline cross-border remittances, setting a new standard for stability and efficiency in the region’s financial services. We are excited to support Ivorypay as they work to unlock new opportunities for businesses and consumers throughout Africa,” he said.