The issuer of the stablecoin USDT, Tether, is exploring opportunities in commodity trading, according to its CEO Paolo Ardoino, as reported by The Block.
The executive noted that this venture will be conducted by a firm not associated with the “stablecoin” business.
“This direction will not impact the stablecoin reserves,” assured Ardoino.
Sources from Bloomberg revealed that Tether has discussed lending opportunities with companies involved in commodity trading. The issuer also considered the use of USDT by traders in transactions with sanctioned countries such as Venezuela and Russia.
“We are unlikely to disclose how much we intend to invest. We are still determining the strategy,” stated Ardoino.
In June, Tether’s head announced plans to allocate over $1 billion for distribution among startups from “hundreds of venture proposals.”
According to him, the firm is focused on alternative financial infrastructure for emerging markets, artificial intelligence, and biotechnology. Over the past two years, Tether has already invested around $2 billion in these areas.
As reported, the company’s net profit for the first half of the year reached $5.2 billion.