Tether, earning $13 million daily, spends $100 million to enter a new market
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Tether, earning $13 million daily, spends $100 million to enter a new market
Tether invested $100 million to acquire a 9.8% stake in Adecoagro, a prominent agricultural company in Argentina.
Navigating Web3 tides with focused insightsSource: beincrypto
Compilation: Blockchain Knight
Tether, the issuer of the world's largest stablecoin USDT, is expanding into the agricultural sector as part of its ongoing strategy to diversify its business beyond the USDT product.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Tether invested $100 million to acquire a 9.8% stake in Adecoagro, a prominent Argentine agricultural company.
The transaction was completed between July 29 and August 16, 2024, giving Tether ownership of more than 10 million shares. The filing also confirmed that the investment was funded from Tether’s operating capital.
Adecoagro, valued at over $1 billion, operates in Argentina, Brazil, and Uruguay. The company produces approximately 550,000 liters of milk daily and generates renewable energy using bioreactors.
Tether CEO Paolo Ardoino acknowledged the investment with an Earth emoji posted on the X platform.
While this move may seem unexpected for a company best known for its dominance in the stablecoin market, Tether has a proven track record of expanding into diverse sectors, including significant investments in Bitcoin mining, artificial intelligence, and education.
In the meantime, Tether’s core business—the USDT stablecoin—remains the industry’s largest, with a market capitalization exceeding $118 billion.
USDT operates across multiple blockchain networks and focuses on improving access to stablecoin solutions in emerging markets.
Ardoino noted that in regions underserved by traditional financial systems, USDT has already become digital money for millions of people.
"USDT has become trusted digital money for hundreds of millions. It enables everyone, regardless of social status, to access stable currency precisely when they need it most."
Data from Token Terminal shows that Tether’s strategic investments have yielded substantial returns, with daily revenue surpassing $13 million.
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