Tether Enhances USDt and Gold Support in Opera’s MiniPay Wallet

Stablecoin provider Tether has announced a collaboration with Opera to broaden financial access in emerging markets through the MiniPay wallet app.

Tether revealed on Monday that it is extending support for its USDt stablecoin and Tether Gold (XAUT) within Opera’s MiniPay, which is built on the Celo blockchain. This initiative targets users in regions such as Africa, Latin America, and Southeast Asia, aiming to facilitate access to dollar-denominated stablecoins for saving and transferring funds.

“Tether’s mission has always been to provide simple, reliable access to stable value for people who need it most,” said Tether CEO Paolo Ardoino.

MiniPay is reported to be operational in 60 countries, boasting 12.6 million activated wallets and processing 350 million transactions, reflecting significant user growth of 50% in the fourth quarter, predominantly in emerging markets.

Demand for Stablecoins and Tokenized Gold in Developing Regions

The MiniPay app is available on both Android and iOS platforms and only requires a mobile phone number for activation. Over $153 million was processed through MiniPay in December, indicating rising interest in stable, dollar-based transactions in mobile-centric areas.

In addition to USDt, MiniPay also promotes Tether’s tokenized gold, XAUT, which peaked at $5,600 in late January along with spot gold prices.

Declining Stablecoin Exchange Flows

Despite the strong demand in developing regions, the capitalization and exchange activity of stablecoins have been waning due to the overall decline in the cryptocurrency market. CryptoQuant reported a significant decrease in stablecoin exchange inflows, with analysts noting a more than $4 billion outflow.

“Recent months clearly reflect a rise in risk aversion or even capitulation among later entrants, who have chosen to withdraw their stablecoins from exchanges.”

Crypto markets have seen a decline of 38% since peaking at $4.4 trillion in October.