tl;dr
Tether, the developer of the world's largest stablecoin, has announced a reorganization to reflect its expansion into other areas of digital assets. The company has formed four divisions: Data for strategic technology investment, Finance for the USDT stablecoin management, Power for bitcoin mining i...
Tether, the developer of the world's largest stablecoin, has announced a reorganization to reflect its expansion into other areas of digital assets. The company has formed four divisions: Data for strategic technology investment, Finance for the USDT stablecoin management, Power for bitcoin mining investments, and Edu for educational activities. Tether's focus on sustainable solutions, responsible Bitcoin mining, AI infrastructure, and decentralized communication platforms signifies a paradigm shift in its approach to financial empowerment. This move reflects the growing importance the company attaches to interests beyond its flagship stablecoin, as it continues to invest in BTC mining operations, payment processors, and AI technologies.
The issuer of the largest stablecoin by market cap said the Data, Finance, Power, and Edu divisions reflect its broadened mission. The company has already invested in several areas outside USDT. Tether, the developer of the world's largest stablecoin, said it is reorganizing to reflect its expansion into other areas of digital assets. The company formed four divisions to reflect its broadening focus: Data will handle strategic investment in technology including artificial intelligence (AI); Finance will cover the USDT stablecoin, which has a market cap in excess of $100 billion and plays a pivotal role in crypto markets; Power becomes the umbrella for investments in bitcoin (BTC) mining and Edu is the home for educational activities. "Tether’s expansion beyond its well-established USDT stablecoin signifies a paradigm shift in its approach to financial empowerment," the company said in a statement. "By focusing on sustainable solutions adaptive to the needs of individuals, communities, cities and countries, responsible Bitcoin mining, Artificial Intelligence infrastructure and decentralized communication platforms, Tether is actively contributing to a future-proof financial and tech ecosystem."
While the 10-year-old company is already active in these areas, the establishment of distinct divisions reflects the growing importance it attaches to interests beyond its flagship stablecoin. Last year the firm invested in BTC mining operations in Uruguay and a payment processor in the country of Georgia. It also put money into AI through its association with data cloud provider Northern Data Group. Tether has, however, received considerable scrutiny for the perceived opaqueness of the reserves that back USDT.
Read More: Stablecoins Are Seeing Adoption as a Cross-Border Settlement Mechanism: Bernstein UPDATE (April 18, 12:03 UTC): Adds details of the divisional coverage, existing investments in those areas and company quote.
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