Tether to leverage video streaming platform Rumble to distribute USAT stablecoin
- Tether is reportedly planning to use the video streaming platform Rumble to distribute its USAT stablecoin.
- Tether reportedly holds a 48% stake in Rumble following a $775 million investment in the company in 2024.
- The report comes as Tether aims to gain access to the US market via the launch of the USAT stablecoin.
Tether is exploring a partnership with Rumble to drive USAT adoption in the US market through the launch of a stablecoin wallet.
Tether to leverage Rumble to expand USAT in US
Tether plans to leverage the video streaming platform Rumble to drive adoption of USAT, its US-focused stablecoin, CEO Paolo Ardoino said on Wednesday during a panel session at Token2049 in Singapore.
The move follows Tether's $775 million investment in Rumble last year, which gave it a 48% stake in the YouTube competitor, according to Bloomberg.
Tether unveiled USAT last month, a US Dollar-backed stablecoin tailored for US users. The company also appointed former White House crypto advisor Bo Hines to lead the initiative under its US arm.
USAT replaced USDT in the US after its exit from the region in 2021, when regulators fined Tether $41 million for allegedly issuing misleading Dollar reserve statements to customers.
Ardoino also revealed that Rumble will roll out a crypto wallet powered by Tether's technology later this year. The integration, he explained, is designed to convert Rumble's 51 million monthly active users, most of whom are based in the US, into stablecoin users.
"The aim here is to prove how we can convert 51 million active users, mostly in the United States, to use stablecoins within the US, the most sophisticated country nation for financial rails," said Ardoino.
Rumble's pro-crypto founder and CEO, Chris Pavlovski, had mentioned in May that the firm would roll out a Bitcoin and stablecoin wallet in partnership with Tether.
The stablecoin issuer is also reportedly in talks with investors to raise up to $20 billion at a $500 billion valuation. Ardoino said at Token2049 that the potential funding would enable the company to expand into new sectors.
Bitwise CIO Matt Hougan previously predicted that Tether is on track to surpass Saudi Aramco's record as the most profitable company, following the adoption of USDT in emerging markets. He added that Tether's projected valuation would place it among the most valuable startups in the world.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
