Tether Moves Beyond Stablecoins, Announces Restructuring and New Ventures

Tether, the company behind the world's largest stablecoin USDT, is undergoing a significant transformation. In a major announcement on April

Arslan Butt•Friday, April 19, 2024•1 min read

Tether Moves Beyond Stablecoins, Announces Restructuring and New Ventures

Tether, the company behind the world’s largest stablecoin USDT, is undergoing a significant transformation. In a major announcement on April 18th, Tether unveiled a new business framework that establishes four distinct divisions:

Tether Data: Focused on strategic investments in cutting-edge technologies like artificial intelligence and peer-to-peer platforms.
Tether Finance: The hub for Tether’s core stablecoin business and financial services, aiming to promote global financial inclusion.
Tether Power: Directed towards expanding Tether’s involvement in Bitcoin mining and energy initiatives.
Tether Edu: Dedicated to providing digital education and promoting blockchain adoption worldwide.

Tether’s CEO, Paolo Ardoino, emphasized the company’s desire to move beyond its stablecoin roots. He stated their ambition to “kick-start inclusive infrastructure solutions” and dismantle traditional financial limitations. This restructuring signifies Tether’s intention to become a multifaceted player in the crypto ecosystem.

This move comes alongside other recent developments:

March 2024: Tether’s USDT stablecoin achieved a record high market value of $100 billion.
2023: Tether actively entered the Bitcoin mining industry, launching its own mining operations.
February 2024: Tether established an educational branch to offer blockchain-related courses and resources.
Late March 2024: Tether purchased 8,888 Bitcoin for $618 million.

Tether’s expansion plans come amidst ongoing discussions about stablecoin regulation, with the Lummis-Gillibrand Payment Stablecoin Act sparking debate. While some, like Ryan Berckmans, view the bill as positive for Ethereum, others like Jake Chervinsky express concerns about stifling innovation.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.