In the words of Paolo Ardoino, the CEO of Tether, “With this evolution beyond our traditional stablecoin offerings, we are ready to build and support the invention and implementation of cutting-edge technology that removes the limitations of what’s possible in this world.”
Tether (USDT) announced its plans to undergo restructuring in a bid to diversify its portfolio and venture beyond the stablecoin market.
According to the official blog post, the issuer of USDT revealed it will introduce four new divisions, namely Tether Data, Tether Finance, Tether Power, and Tether Edu. Tether’s Data division will be responsible for investing in emerging technologies, such as artificial intelligence and P2P platforms. Tether Finance will focus on the company’s existing USDT services on top of expanding its financial offerings. These include non-USD coins, like Tether Gold (XAUT) and Tether Euro (EURT).
Meanwhile, Tether Power will double-down on the stablecoin issuer’s Bitcoin (BTC) mining operations. Finally, Tether Edu will concentrate on promoting awareness of blockchain and crypto assets, both locally and globally.
The announcement came a few months after Tether reported a record-breaking profit in its quarterly attestation report. Additionally, the company behind USDT has made some recent strides in Bitcoin mining, including issuing a $610M debt financing to Northern Data.
