Tether has announced a restructuring to go beyond stablecoins
Tether – the operator of the Tether (USDT) stablecoin, the world's largest stablecoin by market value – is restructuring to introduce new components beyond stablecoin development.
According to an official announcement on April 18, the stablecoin giant has launched a new framework that introduces four new business units, including Tether Data, Tether Finance, Tether Power and Tether Edu.
With the new units, Tether aims to expand its mission to provide a variety of innovative infrastructure solutions, investments and services.
At Tether Data, the company focuses on strategic investments in technology, including artificial intelligence and peer-to-peer platforms such as Holepunch, Keet and Pear Runtime.
Tether Finance will serve as a hub for Tether's traditional stablecoin products and financial services aimed at democratizing the global financial system, the announcement said.
Tether Power aims to further the growth of Tether's mining and energy efforts, while Tether Edu focuses on digital education and the promotion of blockchain adoption on a regional and global scale.
“We disrupted the traditional financial landscape,” said Tether CEO Paolo Arduino.
He continued:
“Through this evolution beyond our traditional stablecoin offering, we are ready to build and support the invention and implementation of technology that removes the limitations that exist in this world.”
In the year Founded in 2014, Tether is one of the largest companies in the cryptocurrency ecosystem, making USDT the largest stablecoin by market capitalization and the largest cryptocurrency by trading volumes.
In the year In March 2024, Tether hit a milestone, hitting an all-time high market cap of $100 billion.
RELATED: Critical Stablecoin Competition for Regulatory Participation – Tether CEO
In addition to USDT, Tether operates several other stablecoins, including the Euro-pegged Tether token EURT (EURT), the offshore Chinese Yuan (CNH₮), the gold-backed Tether Gold (XAUt), and others.
Tether's restructuring is another step in the company's efforts to move beyond the cryptocurrency. In the year By 2023, the company was actively entering the Bitcoin (BTC) mining industry, introducing its own mining operations and proprietary software.
In the year In February 2024, Tether created an education branch to provide courses, workshops, and other resources for skill development in blockchain technology and related fields.
Tether is hoarding Bitcoin by buying 8,888 BTC for $618 million at the end of March 2024. In the year As of March 31, Tether held a total of 75,354 bitcoins, purchased at an average price of $30,305.
Magazine: Bitcoin Halving Raises Games, Shrapnel's ‘Easy' Secret Revealed: Web3 Gamer
