Tether Restructures Company into 4 New Divisions

Tether has decided to reorganize its company into four specialized divisions, in an effort to develop a range of new decentralized infrastructure solutions.

Tether restructures company into 4 new divisions. Photo: VOI

On the evening of April 18th, Tether, the issuer of the USDT stablecoin, announced the launch of four new divisions within the company: Tether Data, Tether Finance, Tether Power, and Tether Edu (Education).

Each division will undertake the following roles:

• Tether Finance: Responsible for managing USDT, the high-cap stablecoin with a market capitalization exceeding $100 billion USD, and playing a pivotal role in the cryptocurrency market.
• Tether Power: Responsible for the company's investments in Bitcoin mining.
• Tether Data: Overseeing strategic investments in technology, including artificial intelligence (AI).
• Tether Edu: Developing educational initiatives.

The statement emphasized:

"Tether is contributing to the future financial and technological ecosystem, from providing practical solutions for individuals, communities, cities, and nations, to applying artificial intelligence technology, decentralized social networks, and responsible Bitcoin mining."

This latest move reflects Tether's expansion strategy beyond its previous stablecoin framework and its mission to empower the company's financial authority.

Last year, Tether expanded Bitcoin mining operations in Uruguay and focused on payment processing for the nation of Georgia. They also invested in AI through the cloud data service provider Northern Data Group.

However, Tether remains under strong scrutiny regarding asset backing for USDT. As the largest stablecoin issuer in the crypto market, Tether reported profits of up to $6.2 billion USD in 2023.

In an interview with DL News, Tether CEO Paolo Ardoino explained that the reason the company has not yet produced an audit report on its assets is because major firms, including Deloitte, PwC, EY, and KPMG, have refused to provide services due to concerns that association with Tether could harm their reputations. Nevertheless, Ardoino reiterated the company's top priority of selecting one of these firms as their auditor.