Tether Announces Restructuring and New Strategy to Expand Beyond Stablecoins

Date: 2024-04-19 Author: Gabriel Deangelo Categories: BUSINESS
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Tether, one of the leading stablecoin issuers in the world, has unveiled a company restructuring plan that aims to expand its influence and activities in the cryptocurrency industry.

According to the company, the new concept for Tether involves expanding beyond the stablecoin sector, focusing on creating infrastructure and innovative solutions for the cryptocurrency market.

One of the key steps in the restructuring is the creation of four new divisions: Tether Data, Tether Finance, Tether Power and Tether Edu. Each will specialize in a specific area, including strategic investments in technology, digital asset servicing, the mining sector and educational products.

Acting as “corporate branches,” these divisions will work to create innovative products and services that contribute to the development of the cryptocurrency ecosystem and expand its accessibility to users.

Paolo Ardoino, CEO of Tether, noted that the company’s new strategy is aimed at developing inclusive infrastructure solutions in the cryptocurrency sector. He emphasized that Tether's goal is to disrupt traditional financial models and create a fairer and more accessible financial system.

In addition, Tether increased its Bitcoin reserves to $4.7 billion by purchasing $627 million worth of Bitcoin. The move underscores the company's desire to increase its exposure to major cryptocurrencies and strengthen its position in the market.

It should be noted that Tether's restructuring comes at a time of rapid development in the cryptocurrency market and growing interest in digital assets. The company's new steps could have a significant impact on the development of the industry and the formation of the future cryptocurrency landscape.
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