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SirWin
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SirWin

Tether to restructure, expand beyond stablecoin sector

tether-to-restructure-expand-beyond-stablecoin-sector
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Tether to restructure, expand beyond stablecoin sector

Tether announced a reorganization to expand into other areas besides stablecoins.

Tether has announced reorganizing its structure into four divisions and a new vision to expand beyond the stablecoin sector. According to a press release, the issuer of USDT stablecoin intends to expand its influence in the web3 industry significantly.

According to available information, four new divisions will operate within the updated structure of the company. The divisions include:

  • Tether Data: department of strategic investments in technology;
  • Tether Finance: digital asset service department;
  • Tether Power: the department responsible for the mining sector and the company’s energy capacity;
  • Tether Edu: division focused on educational products.

“We disrupted the traditional financial landscape with the world’s first and most trusted stablecoin. Now, we’re daring to kickstart inclusive infrastructure solutions, dismantling traditional systems for fairness.”

Paolo Ardoino, CEO of Tether

In a separate post, the company’s CEO noted that USDT’s capitalization exceeded $109 billion over its 10 years of existence.

https://twitter.com/paoloardoino/status/1780926548901584900

Ardoino says Tether is one of the largest holders of U.S. Treasury bills. The CEO also announced a website called tether.io dedicated to the firm’s new business ventures.

Tether also previously announced a strategic expansion into the artificial intelligence industry. The company also revealed an asset recovery tool to allow USDT to be transferred between blockchains in case one of the supported networks fails.