Stablecoin issuer Tether announced June 5 that it had made a strategic investment in Shiga, a pan-African blockchain-based financial solutions provider. This collaboration is expected to make it easier for African businesses to make cross-border payments and access global liquidity.

According to a statement, the collaboration will support treasury and foreign exchange management for legacy industries, such as oil and gas, both within and outside the African continent. It will also allow independent contractors to access foreign currencies and receive payments for their services globally.

Paolo Ardoino, CEO of Tether, said the investment moves the stablecoin company closer to its desired goal of delivering financial access to businesses based on the continent.

“At Tether, we believe stablecoins are the heartbeat of financial transformation. By collaborating with innovators like Shiga Digital, we aim to deliver financial access and efficiency to African enterprises. Together, we are not just imagining a future powered by blockchain technology; we are building it,” Ardoino stated.

Abiola Shogbeni, CEO of Shiga Digital, said while local fiat currencies are expected to continue facilitating value exchange, he sees internet-native money, especially dollar-based stablecoins, increasingly shaping the financial landscape. Shogbeni added that he envisions self-custody becoming standard as more individuals and businesses seek to assert full control over their assets and move away from restrictive custodial systems. He added:

“Our collaboration with Tether is rooted in this shared vision, as we build a financial ecosystem that empowers users with freedom, security, and resilience.”

As per the statement, Shiga Digital is in the process of building an on-chain gateway, which eliminates the need to off-ramp into local currencies. Tether’s investment, meanwhile, is seen supporting its broader goal of expanding blockchain innovation and stablecoin adoption across Africa.

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