Tether to reveal new product line as part of $1 billion investment strategy News โธ Tether โธ Technology
Tether to reveal new product line as part of $1 billion investment strategy
The stablecoin issuer is reportedly ready to invest over $1 billion into deals over the next year.
1 min read
Updated: Jun. 12, 2024 at 6:36 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether CEO Paolo Ardoino revealed that the company would launch a new class of digital asset products on June 17.
He wrote on social media platform X:
“After a year of hard work, Tether will unveil its new class of digital assets products on Monday 17th June.”
While specific details about these products are still under wraps, the move reflects Tether’s expanding influence and ambitions in the financial sector. In May, Ardoino hinted at the company’s plans to emulate USDT’s success by eliminating monopolistic intermediaries in financial markets.
At the time, he disclosed plans for a peer-to-peer financial markets terminal utilizing Holepunch technology. He said:
“Tether might put significant resources to build a P2P financial markets terminal, based on Holepunch tech. As humanity is enjoying getting rid of monopolistic intermediaries for payments, we could also enjoy the same result in financial markets data infrastructure.”
Tether has yet to respond to CryptoSlate’s request for comment as of press time.
Tether’s diversification
Over the past year, Tether has intensified its diversification efforts beyond its USDT stablecoin product. The company has restructured its operations into four distinct sectors, including finance, data, education, and power.
These restructuring efforts aim to enhance its USDT distribution network and invest in ventures such as AIย and Bitcoin mining.
Ardoino emphasized the company’s commitment to this strategy, announcing plans to invest over $1 billion in various deals within the next year. He reportedly said:
“Itโs all about investing in technology that helps with disintermediation with traditional finance. Less reliance on the big tech companies like Google, Amazon and Microsoft.”
Meanwhile, these diversification efforts coincide with Tether’s improved finances. In its first-quarter report, the company generated substantial profits of more than $4 billion, with its USDT stablecoin accounting for around 70% of the market.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Tether Limited
Tether Limited is the company that introduced Tether (USDโฎ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.
