According to PYMNTS.com, on January 5, 2026, stablecoin issuer Tether invested in the Southeast Asia-based startup SQRIL. The company, pronounced “squirrel,” provides a payments API switch that allows banks, e-wallets, and fintech apps to let their users scan and pay local QR codes in real time across Asia, Africa, and Latin America. Founder Malcolm Weed stated that apps from traditional banks like Barclays or neobanks like Venmo and Revolut could integrate SQRIL’s APIs. Their users could then pay in their home currency while a merchant abroad receives local currency, with SQRIL handling the forex and payout. The API is already live for paying local QR codes in the Philippines, Vietnam, and Indonesia, with bank transfers in Malaysia and Thailand. The startup plans to add more countries across its three target continents in the first quarter of 2026.
The Reverse Innovation Play
Here’s the thing that’s really interesting about this. Malcolm Weed, the CEO, makes a point I think a lot of people miss. He says usually tech flows from the developed world to emerging markets. But with QR code payments, he believes it’s happening in reverse. And you know what? He’s probably right. Walk around any major city in Southeast Asia, and QR codes are utterly ubiquitous for everything from a street food stall to a department store. That deep, daily utility hasn’t really been replicated in the West at the same scale. So SQRIL isn’t just building a bridge; it’s trying to productize and export a payment behavior that’s already won in huge, growing economies. That’s a fascinating angle.
Tether’s Strategic Move
Now, let’s talk about Tether’s involvement. This isn’t just a random VC bet. Tether, the company behind the USDT stablecoin, has a massive interest in the plumbing of global finance, especially in corridors where traditional banking is clunky or expensive. By backing SQRIL, they’re placing a strategic chip on the table that connects the world of familiar bank and e-wallet apps with the on-the-ground reality of QR-based commerce. It gives them a potential on-ramp and off-ramp for stablecoin settlement in the background, even if the end-user never knows it’s happening. They’re investing in the infrastructure layer, which is always where the real, durable power in tech ends up residing.
The Interoperability Challenge
But let’s not underestimate the mountain they have to climb. SQRIL is talking about becoming “the world’s QR code infrastructure leader” for emerging markets. That’s a audacious goal. They’re not just dealing with technology; they’re dealing with a patchwork of national QR standards, banking regulations, and currency controls across dozens of countries. Getting Barclays and Bank of America to plug in is one thing. Getting the entire ecosystem in, say, Nigeria or Brazil to play ball is another. The vision is solid—seamless cross-border payments should be a solved problem by now. But execution is a beast. Can a single startup API become the universal switch? That’s the billion-dollar question.
What It Means For Travel and Trade
If they can pull it off, even partially, the implications are huge. Think about a freelancer in Argentina getting paid by a client in Europe via a QR invoice. Or a tourist from India scanning a code in Mexico without worrying about finding an ATM or getting ripped off on forex. It reduces friction in a way that directly impacts small businesses and individuals. This is the kind of fintech that matters, far more than another speculative crypto token. It’s about making the existing financial world work better, using the tools—like QR codes—that people are already using. That’s a powerful premise. Now we just have to see if this particular squirrel can gather all the nuts it needs to make it work.
