- Tether has grown to become a tech powerhouse.
- CEO Paolo Ardoino announced the company’s new internal structure.
- Each of the four new divisions will focus on defined areas of interest.
Tether has long been synonymous with its renowned stablecoin offerings, particularly the USDT token. As the world’s largest dollar-backed stablecoin by a significant margin, USDT has continued to grow and cement its position in the market, despite past controversies and ongoing concerns about the sufficiency of reserves backing the token.
However, Tether’s ambitions now extend far beyond its stablecoin roots. Tether CEO Paolo Ardoino recently unveiled the launch of a new website that formalized the company’s transition into a multifaceted tech powerhouse with four distinct divisions, those being Data, Finance, Power, and Education.
Tether’s Data Division
At the forefront of Tether’s expansive new vision is the company’s Data division, which is dedicated to the development and strategic investment in emerging technologies.
Sponsored
A key area of focus for the Data division is peer-to-peer (P2P) technology. The division has made several notable investments, such as its backing of Holepunch, which has catalyzed the development of Keet, a P2P text and video chat platform, and Pear Runtime, an open-source framework helping devs build P2P apps.
The division is also betting big on AI intending to develop the technology for “the good of the world.” Tether hopes to emerge as a global leader in the field once AI becomes ubiquitous.
Finance Division
Tether’s Finance division is responsible for the company’s traditional stablecoin operation, serving to champion the use of transformative technologies to democratize the global financial system.
Sponsored
CEO Paolo Ardoino recently highlighted the progress Tether has made on the global financial stage, saying that the USDT stablecoin has become the “financial and payment backbone of entire communities in developing countries,” while its market capitalization recently crossed the $109 billion mark to extend its dominance over other dollar-back stablecoin offerings.
Furthermore, Ardoino boasted that Tether is one of the world’s biggest holders of US treasuries, ranking among the top 20 holders, and also works closely with law enforcement to stamp out illicit financing, ensuring the safety and integrity of the digital asset ecosystem.
Power Division
The Power division is dedicated to driving sustainable Bitcoin mining operations and energy solutions. Recognizing the crucial role of the Bitcoin network as a robust monetary system, the Power division is tasked with developing responsible mining practices to secure the integrity of the Bitcoin mining network.
The most prominent project to date is the landmark $1 billion investment to build “Volcano Energy,” a 241 MW renewable energy generation park in Metapán, El Salvador. By integrating solar and wind projects within the region’s volcanic resources, Tether is playing a pivotal role in establishing one of the world’s largest Bitcoin mining farms powered by sustainable energy.
Tether Power is working to position the company as a leader in the transition towards a more sustainable future for Bitcoin mining.
Education Division
Tether’s Education division seeks to expand global access to digital skills education, including cultivating knowledge, awareness, and proficiency in cutting-edge technologies, including blockchain and P2P systems.
The division’s initiatives extend beyond personal skill-building by also tapping into public-private partnerships, such as Plan B, which ‘Bitcoinizes’ the Swiss city of Lugano, enabling BTC payment infrastructure, and more recently, signing an MOU with Uzbekistan to explore and promote the development and adoption of blockchain technology, stablecoins, and digital asset tokenization in the region.
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