The company is working on new projects that will help it diversify its offerings
Tether, which runs the world’s biggest stablecoin by market value, recently announced restructuring to add new divisions outside developing stablecoin. The stablecoin goliath announced on April 18 that it had established a new framework for its four new business divisions, including Tether Finance, Tether Data, Tether Edu, and Tether Power.
The new divisions will help Tether expand and provide a new range of infrastructure services and solutions. Tether Data will concentrate on strategic technology investments, including peer-to-peer platforms and artificial intelligence.
Tether Finance will act as the hub for Tether’s traditional stablecoins and financial services looking to democratize global finance. Lastly, Tether Power will help further develop Tether’s mining and energy endeavors, while Tether Edu will promote digital education and blockchain adoption regionally and worldwide.
“We disrupted the traditional financial landscape with the world’s first and most trusted stablecoin,” said Tether CEO Paolo Ardoino, highlighting that the firm is “daring to kick-start inclusive infrastructure solutions, dismantling traditional systems for fairness.”
Tether reached a significant milestone in March 2024 after reaching an all-time high of $100 billion in market valuation.
Tether operates multiple other stablecoins besides USDT, including the European Tether Token EURT (EURT), the gold-backed Tether Gold (XAUt), the offshore Chinese Yuan (CNH₮), and several others.
Tether’s reorganization is the latest move in its endeavors to move beyond stablecoins. The company entered the Bitcoin mining industry in 2023, establishing mining operations and developing proprietary software.
In February 2024, the firm also created an educational division to deliver courses, workshops, and other aids for developing blockchain technology skills.
Tether has also been stockpiling Bitcoin, buying 8,888 BTC for $618 million in late March 2024. At the end of March, the company held a total of 75,354 Bitcoin, purchased at an average cost of $30,305.
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