Tether, the issuers of the world’s largest stablecoin USDT, has restructured its operations with the addition of four new strategic divisions, including Tether Data, Tether Finance, Tether Power, and Tether Edu, according to the company’s post on X.
Tether added four departments, including Tether Data, Tether Finance, Tether Power, and Tether Edu.
The development is part of Tether’s plan to expand beyond its stablecoin offering. USDT’s market cap currently stands at around $107 billion, leaving it far ahead of the second-largest stablecoin USDC.
Through the new ventures, Tether aims to create a future-proof financial and tech ecosystem, promoting financial freedom, decentralization, and wider adoption of digital assets.
Jump Ahead To:
New Goals From Tether
The company’s targets are adaptable solutions to individual and community needs, while keeping sustainability in mind. They want to empower individuals and communities financially.
According to Tether, Tether Data invests in and develops emerging technologies like Artificial Intelligence (AI) and peer-to-peer platforms. Previously, Tether announced its venture into AI. The company seeks to set a new standard for the industry with open-source AI models.
Tether Finance focuses on traditional stablecoin products and financial services, with a goal to build a more democratic financial system using blockchain technology. The company also reveals an upcoming digital asset tokenization platform.
A Wider Net
Tether’s CEO, Paolo Ardoino said Monday that Tether would launch a tokenization platform. As noted, the new platform will support multiple chains, tokens, and be non-custodial. Ardoino added that it would allow for the tokenization of all things, such as funds or coffee reward points.
Besides, Tether Power ventures into sustainable Bitcoin mining operations to ensure the security of the Bitcoin network. Finally, Tether Edu aims to provide education and awareness about digital technologies like blockchain. The company has partnered with various institutions to promote widespread adoption of these technologies.
“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 Ardoino. “We use technology to empower individuals, communities, cities and nations to become self-sustainable, independent, and free. Be unstoppable, together.”
Last year, Tether ramped up its Bitcoin mining operations in Uruguay and focused on payment processing for the country of Georgia. The company recently said it was close to completing its $500 million investment in Bitcoin mining.
On the Ai front, Tether lent $610 million to cloud data service provider Northern Data Group and invested $420 million to buy GPU from Nvidia. Those moves already showcased the company’s plans to expand its focus into AI.
Regulators Want More Information
Meanwhile, Tether is still under strong supervision in the issue of asset guarantees for USDT. The largest stablecoin issuer in the crypto market has achieved profits of up to $6.2 billion in 2023.
In an interview with DL News, Tether CEO Paolo Ardoino said the reason the company has not yet had an asset audit report is because Big4 giants refused to provide services. It’s potentially that these entities are afraid that cooperating with Tether would damage their reputation.
Despite this, Ardoino said Tether’s top priority is to cooperate with one of these auditors.
Not only the force behind the dominant stablecoin, Tether is also one of the largest Bitcoin holders. Tether’s Bitcoin holding reportedly has 75,354, approximately $5.24 billion. The company recently added 8.888 Bitcoin to its holdings.
Many other entities such as MicroStrategy and El Salvador have also actively added Bitcoin to their holdings since the end of last year.
Tether first announced its Bitcoin investment in its Q1/2023 asset certification report. At that time, the company added that it would deduct 15% of its profit surplus each month to reallocate reserve assets from government bonds to Bitcoin.
The post Tether USDT Unveils Plans for AI, Finance, Mining, and Education Ventures appeared first on Blockonomi.