• Tether has invested $3 million in Kem, Kuwait’s P2P payment app, to strengthen its foothold in the Middle Eastern market.
• The partnership is expected to enhance the adoption of USD₮ in the Gulf region, leveraging Kem’s emerging role in real-time payments.
• This investment highlights Kuwait’s progress in attracting foreign investment, positioning the country to compete with GCC neighbors like the UAE and Saudi Arabia.

Kem, Kuwait’s P2P payment app, has secured a $3 million investment from Tether, a major player in the digital asset industry.

The significant deal is expected to boost regional adoption of USD₮, aligning Tether’s goal of expanding access to digital finance with Kem’s role as a leading real-time payment platform in the Gulf.

“This collaboration with Tether is one of the most important deals in the crypto industry right now,” said Seth Sadeq, Kem’s CEO.

“This will help bridge the access to decentralised financial services that will improve the lives of millions. Also, people from countries facing dire economic situations can mitigate the effect of hyperinflation and currency fluctuations back home.”

Tether’s investment marks a strategic push into the Middle Eastern market, using Kuwait as a key entry point. For Kuwait, this investment signals progress toward attracting foreign investments, helping the country close the gap with its GCC neighbors like the UAE and Saudi Arabia.

Paolo Ardoino, CEO of Tether, said, “This investment reinforces Tether’s commitment to promoting financial inclusion and stability. We believe that everyone should have the means to protect their families and businesses against inflation while enjoying unrestricted access to financial services.

“Our investment in the Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all.”

The collaboration comes at a pivotal moment for Tether, whose 24-hour trading volume recently surpassed that of Bitcoin, Ethereum, Solana, and USDC. In the first half of 2024 alone, Tether reported $5.2 billion in net profit. Additionally, Tether’s exposure to U.S. Treasuries now exceeds that of many large nations, including Germany, the UAE, and Australia.”