Tether announces restructuring to go beyond stablecoins

    19 Apr 2024
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    Tether — the operator of the eponymous Tether stablecoin, the world’s largest stablecoin by market value — is restructuring to introduce new divisions beyond stablecoin development.

    The stablecoin giant has launched a new framework introducing four new business divisions, including Tether Data, Tether Finance, Tether Power and Tether Edu, according to an official announcement on April 18.

    With the new divisions, Tether aims to expand its mission to provide a range of new infrastructure solutions, investments and services.

    At Tether Data, the company will focus on strategic investments in technologies, including artificial intelligence and peer-to-peer platforms like Holepunch, Keet and Pear Runtime.

    Tether Finance will serve as the hub of Tether’s traditional stablecoin products and financial services aiming to democratize the global financial system, the announcement notes.

    Tether Power targets further development of Tether’s mining and energy efforts, while Tether Edu will focus on digital education and promotion of blockchain adoption regionally and globally.

    “We disrupted the traditional financial landscape with the world’s first and most trusted stablecoin,” Tether CEO Paolo Ardoino said, stressing that now the company is “daring to kick-start inclusive infrastructure solutions, dismantling traditional systems for fairness.”

    He continued:

    “With this evolution beyond our traditional stablecoin offerings, we are ready to build and support the invention and implementation of cutting-edge technology that removes the limitations of what’s possible in this world.”

    Founded in 2014, Tether is one of the largest companies in the cryptocurrency ecosystem and operates USDT, the largest stablecoin by market capitalization and the biggest cryptocurrency by trading volumes.

    In March 2024, Tether posted a major historic milestone, hitting an all-time high market value of $100 billion.

    Apart from USDT, Tether operates numerous other stablecoins, including its Euro-pegged Tether Token EURT (EURT), its offshore Chinese Yuan (CNH₮), its gold-backed Tether Gold (XAUt) and others.

    Tether’s restructuring is another step in the company’s efforts to move beyond stablecoins. In 2023, the firm was actively entering the Bitcoin mining industry, launching its own mining operations and introducing proprietary software.

    In February 2024, Tether also created an educational branch to provide courses, workshops and other resources for skills development in blockchain technology and related areas.

    Tether has also been accumulating Bitcoin, purchasing 8,888 BTC for $618 million in late March 2024. As of March 31, Tether held a total of 75,354 Bitcoin, bought at an average price of $30,305.

    Source: https://cointelegraph.com/news/tether-restructuring-go-beyond-stablecoin

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