Tether, the issuer of the world’s largest stablecoin USDT, is expanding into the agricultural sector to further diversify its business. The move reflects Tether’s ongoing strategy to develop its business beyond the USDT product.
According to a recent filing with the SEC (U.S. Securities and Exchange Commission), Tether invested $100 million to acquire a 9.8% stake in Adecoagro, a well-known Argentine agricultural company.
The transaction, which was completed between July 29 and August 16, 2024, gave Tether more than 10 million shares. The document also confirmed that the funds for the investment came from Tether's working capital.
Adecoagro, valued at more than $1 billion and operating in Argentina, Brazil and Uruguay, produces about 550,000 litres of milk a day and also uses biofermenters to generate renewable energy.
Tether CEO Paolo Ardoino endorsed the investment by texting a globe emoji on the X platform.
While the move may seem unexpected for a company known for its dominance in the stablecoin market, Tether has a proven track record of expanding into various sectors. Includes notable investments in BTC mining, artificial intelligence, and education.
At the same time, Tether’s main business, the USDT stablecoin, remains the largest stablecoin in the industry, with a market value of more than $118 billion.
USDT operates on multiple blockchain networks and is focused on improving access to stablecoin solutions in emerging markets.
Ardoino pointed out that USDT has become a digital currency for millions of people in some areas where traditional monetary systems are underserved.
“USDT has become a digital currency trusted by hundreds of millions of people. USDT allows everyone to access stable currency when they need it most, regardless of their social status.”
According to data from Token Terminal, Tether's investment strategy has reaped huge profits, with daily revenue exceeding $13 million.
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