Tether leads $7M Series A round for Pact Labs

Tether has announced that it led a $7 million Series A funding round for stablecoin infrastructure company Pact Labs. Blockchange Ventures and Lasagna also participated in the round. Pact Labs intends to build infrastructure to utilize its stablecoin, USAT, for payroll, earned wage access, credit, and daily payments. Tether CEO Paolo Ardoino said that while USDT has already been filling payroll gaps in emerging markets, the company now aims to provide the same function in the U.S. through USAT.