PANews August 12 news, according to CoinDesk reports, Web3 payment infrastructure company Transak announced the completion of a $16 million strategic financing, led jointly by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures. Transak plans to use the funds to expand its stablecoin payment network and enter new markets. The company states that approximately 30% of its $2 billion transaction volume comes from stablecoin liquidity, and it has obtained compliance licenses in multiple regions, including the United States, the United Kingdom, the European Union, Canada, Australia, and India. Tether currently holds over 60% market share in the stablecoin market.