Tether, the company behind the stablecoin, has announced a new plan for growth. They’re moving beyond just issuing USDT and are now preparing to provide various infrastructure services in the blockchain industry. In simpler terms, they’re expanding their business by offering more than just their stablecoin product.
Based on a recent announcement, Tether is expanding into four new sectors: data processing, financial services, energy production, and education.
Tether Advances Beyond Stablecoins
According to its latest plan, Tether has introduced new projects: Tether Education (Tether Edu), Tether Energy (Tether Power), and Tether Information Technology (Tether Data).
Tether Data is set to prioritize the advancement and significant financial commitments towards innovative technologies such as artificial intelligence (AI) and decentralized peer-to-peer systems. The company made this announcement recently, revealing plans to collaborate with skilled professionals in the field. In 2023, Tether Data made substantial investments in Northern Data Group, a Bitcoin miner and data cloud provider, by purchasing $427 million worth of Nvidia graphic processing units for AI-driven cloud computing.
Tether’s finance department will oversee its conventional stablecoin offerings and financial solutions. With the help of blockchain technology, Tether Finance aims to establish a financial framework, enabling the introduction of a digital tokenization platform for assets.
Instead of leading the company’s Bitcoin mining operations, Tether Power will spearhead the sustainable aspect of these operations. According to CryptoPotato’s report from November, Tether aims to invest $500 million in Bitcoin mining as part of their growth strategy.
“Working successfully together is part of who we are. We revolutionized the financial industry with the creation of the world’s first reliable stablecoin. Now, we’re boldly initiating equitable infrastructure projects, challenging outdated systems to promote fairness,” expressed Paolo Ardoino, Tether CEO.
Driving Digital Skills Education
In addition, Tether Edu aims to foster digital literacy through imparting understanding, raising awareness, and enhancing technical ability. This endeavor has begun with collaborations such as Lugano’s Plan B in Switzerland, enabling lawful transactions using Bitcoin and USDT.
“Moving past our standard stablecoin solutions, we are now prepared to develop and foster groundbreaking tech that breaks the boundaries of what can be achieved. At Tether, we harness technology to help individuals, communities, cities, and countries achieve self-sufficiency, autonomy, and freedom. Join us in being unstoppable.” – Ardoino expressed.
Currently, the market value of USDT exceeds $109 billion, as indicated by CoinMarketCap’s statistics.
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2024-04-18 17:32