Tether will reorganize into four business divisions that will service areas from strategic investments to sustainable Bitcoin mining.
Tether is expanding its operations beyond traditional stablecoin offerings.
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Posted April 19, 2024 at 2:03 am EST.
Tether, the company behind the USDT stablecoin, is venturing into other areas of the digital asset industry.
In a blog post on Thursday, the firm unveiled a framework to reorganize into four different divisions: Tether Power, Tether Data, Tether Edu and Tether Finance.
Introducing the new era of Tether! Beyond #stablecoins, we’re redefining finance with Tether finance 💸, powering change with Tether power 🔋, enlightening minds with Tether edu 📚, and innovating data with Tether data 🌐.
Tether, unstoppable together
👉 https://t.co/HFmwdeLpoR pic.twitter.com/fH5pud2057— Tether (@Tether_to) April 18, 2024
“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,” said Tether CEO Paolo Ardoino.
Tether Power will venture into sustainable Bitcoin mining operations – an area that has been in focus for the firm for quite a while. Last week, Ardoino told DL News that Tether’s $500 million expansion plan to build mining facilities powered by renewable energy stations in Uruguay, Paraguay and El Salvador was nearing completion.
Tether Data will be a technology division that specializes in developing and investing in emerging technologies like artificial intelligence (AI) and peer-to-peer platforms. The company announced a strategic expansion of its AI focus last month, noting that it plans to dive deeper into developing open-source, multimodal AI models to set new industry standards.
As the name suggests, Tether Edu will focus on educational initiatives to drive blockchain adoption. Its portfolio includes investments into platforms like Academy of Digital Industry in Georgia and Thailand’s largest exchange Bitkub.
Meanwhile, Tether Finance will continue to facilitate the firm’s stablecoin products and financial services. Based on the blog post, however, it appears that this division will expand into building financial infrastructure like a tokenization platform.
USDT is the largest stablecoin with a market capitalization of $109 billion, and was the most traded digital asset over the last day with $70 billion in trading volume.
According to data from Arthur Hayes’ Maelstrom Fund, Tether produced an estimated $6.2 billion worth of net income in 2023.
USDT @tether_to produced an estimated $6.2 billion in net income in 2023.
That’s 78% of the number Goldman Sachs did ($7.9bn) and 72% of Morgan Stanley’s ($8.5b).
They have ~100 employees. GS has 49,000. MS has 82k.
Source @MaelstromFund pic.twitter.com/4GjVZZHjBr
— Teddy Fusaro (@teddyfuse) April 7, 2024
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