In the Strike app, any references to your “cash” or “USDT” balance in your Strike account is held in Tether (a USD stablecoin, also known as USDT) not in any fiat currency. References to “cash” or the “$” symbol within the Strike app or website should be interpreted to mean USDT.

Stablecoins are digital assets that are transacted on various blockchains, designed to maintain a stable value, typically pegged to a currency like the US dollar. For people living in certain countries, especially those with high inflation or limited banking access, stablecoins offer a practical way to hold value in an asset that’s equivalent to a globally recognized currency.

Within the Strike app, you can perform cash-related activities using your USDT balance, such as buying and selling bitcoin, sending or receiving payments with other Strike users, or making external transactions to Lightning or on-chain wallets.