Strike, a popular bitcoin-based wallet, has opened in Argentina, giving Argentinians a new way to save with stablecoins. Strike CEO Jack Mallers made the news, explaining that because of the country’s financial troubles, citizens are migrating to foreign currencies such as the dollar. Mallers stated: “There is now unprecedented demand for an open monetary system that lives within a distributed network, has a known monetary policy, a fixed supply, and is resistant to censorship.” Strike’s Argentinian version, according to Mallers, will provide ‘a constant cash balance that can be spent both promptly and without costs.’ Strike is best recognized for its Bitcoin and Lightning Network capabilities, but it began in Argentina with USDT as its foundation. Some local media sites found this odd, given that Mallers has been a vocal promoter of the Bitcoin ecosystem, and Strike has already implemented these services in other countries, notably El Salvador. The current version of the app for Argentina relies on USDT, a popular stablecoin created by Tether, to store value for users. USDT is the most valuable stablecoin project in the cryptocurrency world, with a market valuation of over $78 billion dollars. Strike’s USDT version is an ERC20 token, which runs on the Ethereum blockchain. Users will not have to struggle with the excessive costs that are now bothering certain ethereum users because Strike is a custodial wallet, and transaction...
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