By
Chimamanda U. Martha
April 24th, 2024
Ledger is expanding its global presence to the Asia Pacific region and is going to increase stablecoins usability across its products.
Stablecoins, or in other words digital assets designed to minimize the price volatility being pegged to some stable assets including fiat currencies or exchange traded commodities, have been gaining popularity over the last years.
Having realized this constantly growing demand for crypto assets with stable values, Ledger, the hardware cryptocurrency wallet maker, has taken a decision to add support for more stablecoins and to expand application of Tether (USDT) across all its products and services.
Moreover, the company has announced expanding its presence to the Asia Pacific region, opening its office in Hong Kong.
Ledger’s Support for Stablecoins
At the current moment, Ledger has added support for Tether to its two handheld storage products: the Ledger Nano and Ledger Blue. However, they it has plans to increase the usability of this U.S. dollar-linked cryptocurrency across all their products and services.
As it has been revealed, Ledger is going to add support for stablecoins to its Ledger Vault service, a multi-authorization cryptocurrency self-custody management solution which provides companies with IT infrastructure to manage their cryptos. As a result, custodians, asset managers and traditional financial services firmswill have a possibility to store and trade their digital assets.
Some upgrades may be also introduced for the company’s Ledger Nano S, the most popular crypto hardware wallet in the world. The wallet is built off the same infrastructure as the Ledger Vault, supports more than 40 cryptocurrencies and allows users to check their accounts, send and receive cryptocurrency payments with minimized risks.
Activity in the Asia Pacific Region
As we have already mentioned now the company has its presence in Hong Kong. Benjamin Soong has been named as Head of Asia Pacific (APAC). The region has its specificity. Moreover, the increased company’s interest to stablecoins is partially related to a very positive attitude towards this kind of assets from the side of investors and traders namely in this region.
While due to USDT’s recent loss of parity with the dollar a lot of concerns about the stablecoins reserves have been voiced, its supporters in the Asia Pacific region haven’t lost trust in it. Their demand for it is still very high.
Speaking about the popularity of stablecoins in this region, Soong said:
“One thing that is slightly unique in China and South Korea is the demand for USDT since both of those countries have capital controls, in terms of your ability to move currency out of the country.”
Moreover, Soong also spoke about the company’s further plansfor growth and development:
“We expect to grow quickly, and have already targeted future office expansion, including Tokyo, Seoul and Singapore. I look forward to building a world-class team that will help us accelerate our growth across Asia Pacific.”
Other Projects and Innovations
Ledger is one of the companies that are actively developing in the moment. Let us remind that just recently the firm has entered in a new partnership in the framework of which it will help Blockchain.com to release its first hardware product.
Moreover, it is said that Ledger is actively adding support for the most popular crypto assets. It is expected that such assets as Cardano (ADA), Decred (DCR), IOTA, Lisk (LSK), RavenCoin (RVN), and Tezos (XTZ) will become available quite soon.