KEY POINTS
- Tether Data will focus on strategic investments into emerging technologies
- Tether Finance will be the company's "cornerstone" for crypto-related products and services
- Tether Power will be the foundation of the stablecoin titan's sustainable mining goals
- Tether Edu will help provide global access to digital skills education
Tether, the cryptocurrency firm behind stablecoin Tether (USDT), is looking beyond its main service as the company announced a reorganization that expands its business to cater to other "core" digital asset subsectors.
"Working towards this new framework are four new and distinct business divisions within Tether – Data, Finance, Power, Edu(cation)," the company said in a statement Thursday.
"Tether's expansion beyond its well-established USDT stablecoin signifies a paradigm shift in its approach to financial empowerment. By focusing on sustainable solutions adaptive to the needs of individuals, communities, cities and countries, responsible Bitcoin mining, Artificial Intelligence infrastructure and decentralized communication platforms, Tether is actively contributing to a future-proof financial and tech ecosystem," the company added.
Tether Data will be focused on developing and investing strategically into emerging technologies such as peer-to-peer platforms and artificial intelligence.
Tether Finance, on the other hand, will serve as the company's "cornerstone" for its financial services and crypto token products. It will include Tether's upcoming digital tokenization platform that should help propel mainstream adoption of cryptocurrencies.
For more sustainable Bitcoin mining, Tether Power will help the company pursue its journey towards more responsible mining operations "to secure the integrity of the world's most robust monetary network."
Finally, Tether Edu looks to expand global access to digital skills education. The division will help cultivate knowledge and awareness regarding emerging digital technologies by providing educational initiatives regionally and globally.
Tether CEO Paolo Ardoino noted that the changes within Tether's organizational structure should help drive its goal of building and supporting cutting-edge technology "that removes the limitations of what's possible in this world."
The latest development comes as USDT continues to dominate the stablecoin industry, being the world's largest stablecoin by market capitalization. As a dollar-pegged token whose value is linked to a bank-issued currency, Tether is not decentralized like Bitcoin. Still, it is a popular choice for many crypto users.
Meanwhile, like other key players in the digital asset industry, Tether has also faced scrutiny among lawmakers and regulators. Just recently, it was reported that the U.S. and United Kingdom launched a probe into $20 billion in USDT that passed through Garantex, a sanctioned Russia-based crypto exchange.
Despite the said issue, Tether emphasized that it was committed to convince law enforcement agencies that the USDT is not used in illicit funding or other criminal activities.
Earlier this month, it blacklisted seven wallet addresses that blockchain security firm PeckShield linked to a recent exploit of crypto exchange FixedFloat.
