Tether (USDT) Stablecoin Issuer Invests in Zengo Multichain Custody Wallet

The firm behind the biggest US dollar-pegged stablecoin by market cap is throwing its considerable weight behind a new multichain custody wallet.

Stablecoin behemoth Tether is now venturing into the realm of multichain custody wallets with a substantial investment in the self-custodial crypto wallet Zengo.

The massive stablecoin issuer announced the investment on Thursday, highlighting Zengo's user-friendly platform for navigating cross-chain swaps.

Tether CEO Paolo Ardoino had this to say about the partnership:

“Tether is committed to delivering reliable and secure tools that empower users to take control of their digital assets. Our investment in Zengo reflects that commitment.

By supporting Zengo’s innovative approach to self-custody, we aim to help more people worldwide access blockchain technology with confidence, ease, and security. Together, we are shaping the future of how stablecoins are used and adopted.”

According to the announcement, Zengo boasts proprietary payment tools to facilitate cross-chain swaps, catering to both crypto veterans and newcomers. The crypto wallet also aims to eliminate the vulnerability of seed phrases by utilizing multi-party computation (MPC) technology.

Describing the partnership with the stablecoin giant, Zengo co-founder and CEO Ouriel Ohayon stated:

“Stablecoins are the cornerstone of an inclusive financial future. We are proud to partner with Tether to make self-custody simple, secure, and accessible.

By integrating advanced technology and fostering broader adoption of USDT – the world’s largest stablecoin, serving over 400 million users – Tether aims to strengthen its role as the world’s most widely used stablecoin, empowering users worldwide with greater financial freedom.”

As per Zengo's website, the wallet currently supports 10 major blockchains, including Bitcoin (BTC), Ethereum (ETH), and Base.