PANews reported on August 13 that Tether Operations Limited announced a strategic investment of $3 million in Kem app. Kem is a platform for transfer and financial management. By launching USD₮ on the Kem platform and promoting its widespread adoption in the Middle East, the investment aims to improve the economic conditions of neighboring countries including Kuwait, Bahrain, Saudi Arabia, Qatar and Iraq.
The Middle East and North Africa (MENA) is the sixth largest crypto economy in the world, with on-chain transactions valued at approximately $389.8 billion between July 2022 and June 2023, accounting for 7.2% of global transactions. In particular, Gulf countries such as Dubai and Abu Dhabi are particularly interested in cryptocurrencies.