Tether, the issuers of the world’s largest stablecoin USDT, has restructured its operations with the addition of four new strategic divisions, including Tether Data, Tether Finance, Tether Power, and Tether Edu, according to the company’s post on X.
New Goals From Tether
A Wider Net
Regulators Want More Information
Regulators Want More Information
Meanwhile, Tether is still under strong supervision in the issue of asset guarantees for USDT. The largest stablecoin issuer in the crypto market has achieved profits of up to $6.2 billion in 2023.
In an interview with DL News, Tether CEO Paolo Ardoino said the reason the company has not yet had an asset audit report is because Big4 giants refused to provide services. It’s potentially that these entities are afraid that cooperating with Tether would damage their reputation.
Despite this, Ardoino said Tether’s top priority is to cooperate with one of these auditors.
Not only the force behind the dominant stablecoin, Tether is also one of the largest Bitcoin holders. Tether’s Bitcoin holding reportedly has 75,354, approximately $5.24 billion. The company recently added 8.888 Bitcoin to its holdings.
Many other entities such as MicroStrategy and El Salvador have also actively added Bitcoin to their holdings since the end of last year.
Tether first announced its Bitcoin investment in its Q1/2023 asset certification report. At that time, the company added that it would deduct 15% of its profit surplus each month to reallocate reserve assets from government bonds to Bitcoin.
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Author: Nicholas Say
