Tether invests in SQRIL to expand stablecoin-based QR payment infrastructure

Investment Overview - Tether has invested in SQRIL, a payments technology startup that connects banks, ewallets, and fintech applications to real-time QR code payment networks. The size of the investment was not disclosed [1] - SQRIL plans to utilize the new capital to accelerate the development of infrastructure supporting payments powered by stablecoins [1] Technology and Market Reach - SQRIL's technology integrates with banks like Barclays and Bank of America through configurable APIs, and connects with fintech services such as Venmo, Revolut, and Cash App to enhance digital payment options [2] - Currently, SQRIL's API allows customers to pay domestic QR codes in the Philippines, Vietnam, and Indonesia, and supports bank transfers in Malaysia and Thailand. The company aims to expand into more markets in Asia, Africa, and Latin America in the first quarter [2] Business Model - SQRIL's model enables traditional banks and neobanks to integrate with its APIs, allowing users to scan and pay local QR codes across various regions. Users pay in their home currency, while merchants receive local currency, with SQRIL managing forex and local payouts [3] - The founder and CEO of SQRIL, Malcolm Weed, emphasized the importance of instant payment interoperability between banks, ewallets, and merchants across different countries, positioning SQRIL as a key player in this infrastructure [3] Industry Trends - Tether highlighted the increasing prevalence of scan-to-pay QR code systems in several Asian markets, which have become a primary payment method and continue to grow. There is also a rising adoption of real-time national QR code schemes in emerging regions like Latin America and Africa for everyday transactions [4] - SQRIL aims to become the leading QR code infrastructure provider, particularly in emerging markets, reflecting the growing demand for efficient cross-border payment solutions [5]