Tether, the issuer of USDT, has announced a corporate restructuring into four divisions, aiming to expand beyond stablecoins.
Introducing the new era of Tether! Beyond #stablecoins, we’re redefining finance with Tether finance ?, powering change with Tether power ?, enlightening minds with Tether edu ?, and innovating data with Tether data ?.
Tether, unstoppable together
? https://t.co/HFmwdeLpoR pic.twitter.com/fH5pud2057— Tether (@Tether_to) April 18, 2024
“Tether’s move beyond the well-established USDT stablecoin signifies a paradigm shift in expanding financial capabilities,” the press release stated.
The firm has identified new business divisions: data, finance, power, and education:
- Tether Data — focuses on development and strategic investments in new technologies such as artificial intelligence and peer-to-peer platforms;
- Tether Finance — a digital asset service division, described as the “cornerstone of the company’s traditional products and financial services”;
- Tether Power — dedicated to sustainable mining and Bitcoin energy development;
- Tether Edu — focuses on educational initiatives to raise awareness about digital assets and other advanced technologies.
“Collective prosperity is in our DNA. We disrupted the traditional financial landscape by launching the world’s first and most trusted stablecoin. Now we dare to launch inclusive infrastructure solutions, dismantling traditional systems for fairness,” added Tether CEO Paolo Ardoino.
In a separate post, the company’s CEO noted that in its ten-year existence, USDT’s market capitalization has exceeded $109 billion.
Tether $USDt has become, within only a 10 years lifespan, the financial and payment backbone of entire communities in developing countries.
— $USDt just crossed 109B market cap.
— Tether is one of the biggest holders of US treasury bills in the world, among top 20 countries (if… https://t.co/R5XQwmLQT7— Paolo Ardoino ? (@paoloardoino) April 18, 2024
According to him, Tether is one of the largest holders of US treasury bills. He also announced the website tether.io, dedicated to the firm’s new business directions.
According to Glassnode, at the time of writing, USDT’s dominance index stands at 74.26%, with its closest competitor USDC at 21.46%.
In March, Tether announced a strategic expansion into the artificial intelligence industry.
Previously, the company introduced an asset recovery tool, allowing USDT transfers between blockchains in case one of the supported networks fails.