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

Written by: Arslan Butt • Friday, April 19, 2024 • 1 min read

• Last updated: Friday, April 19, 2024

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.