With the new divisions, Tether wants to achieve its mission to expand and be able to offer a variety of new infrastructure, services and investment solutions.
The stablecoin with the largest market capitalization is restructuring to introduce new departments beyond stablecoin development.
Tether has launched a new framework introducing four new divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu, according to an official announcement on April 18.
With these new divisions, Tether aims to expand its mission to provide a variety of innovative infrastructure, services and investment solutions.
Tether Data will focus on strategic investments in technologies, including both artificial intelligence and peer-to-peer platforms.
Tether Finance will function as a hub for Tether’s traditional stablecoin products and financial services that aim to democratize the global financial system, the announcement said.
Tether Power aim to work on further developing Tether’s mining and energy efforts, meanwhile Tether Edu will be focused on digital education as well as promoting blockchain technology worldwide.
“We revolutionized the traditional financial landscape with the world’s first and most trusted stablecoin,” said Paolo Ardoino, CEO of Tether, noting that the company is now “daring to drive inclusive infrastructure solutions, dismantling traditional systems for equity.”
He continued:
“With this evolution beyond our traditional stablecoin offerings, we are poised to build and support the invention and implementation of cutting-edge technology that removes the limitations of what is possible in this world.”
Launched in 2014, Tether is one of the largest players in the cryptocurrency industry, operating USDT, considered the largest stablecoin with the highest market uptake in addition to having the highest trading volume.
In March this year, Tether achieved a major record, reaching a never before recorded market value of USD 100 billion.
ether not only trades USDT but also other stablecoins, including EURT related to the euro, CNHT related to the Chinese yuan, and XAUT, which is backed by gold.
Tether’s restructuring is another step closer to moving beyond stablecoins. Last year, the company went headlong into Bitcoin mining, so much so that it launched its own mining operations and software.
In February this year, Tether launched an educational arm to provide courses, workshops and other kinds of educational resources for the proper development of skills in blockchain technology and related areas.
Recently, Tether began accumulating Bitcoin, purchasing 8,888 BTC for about USD 116 million at the end of March. As of March 31, Tether held about 75,354 Bitcoin, which were purchased at an average price of USD 30,305 each.
