Tether announces restructuring to go beyond stablecoins
With the new divisions, Tether hopes to broaden its goal to provide a variety of new infrastructure solutions, investments, and services.Tether, the company behind the namesake Tether stablecoin, the world’s largest stablecoin by market value, is restructuring to create new divisions beyond stablecoin development.
According to an official release made on April 18, the stablecoin behemoth has established a new framework that includes four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. With the new divisions, Tether hopes to broaden its goal to provide a variety of new infrastructure solutions, investments, and services.
Tether Data will prioritise key investments in technologies such as artificial intelligence and peer-to-peer platforms like Holepunch, Keet, and Pear Runtime. Tether Finance will act as the core for Tether’s traditional stablecoin goods and financial services, with the goal of democratising the global financial system, according to the statement.
Tether Power aims to expand Tether’s mining and energy operations, whilst Tether Edu will focus on digital education and the promotion of blockchain usage regionally and globally. Tether CEO Paolo Ardoino stated, “We disrupted the traditional financial landscape with the world’s first and most trusted stablecoin,” and that the company is now “daring to kick-start inclusive infrastructure solutions, dismantling traditional systems for fairness.”
He goes on to say: “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.” Tether, founded in 2014, is one of the leading companies in the cryptocurrency ecosystem, operating USDT, the largest stablecoin in terms of market capitalization and trading volume.
Tether achieved a huge historic milestone in March 2024, reaching an all-time high market valuation of $100 billion. Tether offers stablecoins such as EURT (Euro-pegged), CNH₮ (offshore Chinese Yuan), and XAUt (gold-backed), in addition to USDT.
Tether’s restructure represents another step in the company’s efforts to expand beyond stablecoins. In 2023, the corporation expanded into Bitcoin mining by starting its own operations and developing proprietary software.
Tether also established an educational section in February 2024, which will offer seminars, workshops, and other tools for skill development in blockchain technology and adjacent fields.
Tether has also been acquiring Bitcoin, buying 8,888 BTC for $618 million in late March 2024. As of March 31, Tether possessed 75,354 Bitcoin, purchased at an average price of $30,305.
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