Tether announces plan to reorganize into four new divisions

Companies • April 18, 2024, 10:12AM EDT

Published 1 minute earlier on

Quick Take

Tether has announced a company reorganization to deliver a range of new decentralized infrastructure solutions.
The company has formed four new divisions called Tether Data, Tether Finance, Tether Power, and Tether Edu(cation).

Tether, the issuer of the USDT +0.42% stablecoin, announced it is reorganizing to venture into broader digital asset sectors.

The developer of the world's largest stablecoin by market cap has formed four divisions to reflect its broadening focus.

Tether forms four new divisions

The company's USDT stablecoin will be managed by a group called "Tether Finance," while another division, named "Tether Power," will manage the company's investments in bitcoin mining. A third division, "Tether Data," will oversee strategic investments in technology, including artificial intelligence (AI). Finally, a division called "Tether Edu" will house various educational initiatives.

The company said in a blog post on Thursday that "Tether’s expansion beyond its well-established USDT stablecoin signifies a paradigm shift in its approach to financial empowerment."

"By focusing on sustainable solutions adaptive to the needs of individuals, communities, cities and countries, responsible Bitcoin mining, Artificial Intelligence infrastructure and decentralized communication platforms, Tether is actively contributing to a future-proof financial and tech ecosystem," the statement said.

Tether CEO Paolo Ardoino said that the firm's evolution beyond its traditional stablecoin offering allows it to support the invention and implementation of technology "to empower individuals, communities, cities and nations to become self-sustainable, independent, and free."

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Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].