Free Airdrop Season 7 is LIVE! Answer fun questions or do simple tasks to earn rewards from the $30K BitDegree prize pool. Participate Now ! 🔥
Tether Invests $100M in Latin America's Agriculture Leader
Last Updated: September 09, 2024
✓ Fact Checked
Key Takeaways
- Tether invests $100M to acquire a 9.8% stake in Latin American agricultural giant Adecoagro;
- The company previously focused on investments in emerging technologies;
- Tether's flagship product, USDT, dominates the stablecoin market with a capitalization of over $117B.
Tether, the company behind the world's largest stablecoin, USDT, has expanded its investment portfolio by purchasing a 9.8% stake in Adecoagro, a major player in Latin America's agricultural industry.
According to a filing with the US Securities and Exchange Commission (SEC), the company used cash from its working capital to fund the acquisition of 10,048,249 Adecoagro shares worth $100 million.
This marks Tether's first entry into the agriculture and food sector.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
5 Best Crypto Portfolio Diversification Strategies (Animated Explanation)
The firm previously focused its investment efforts on emerging technologies such as artificial intelligence, peer-to-peer platforms, Bitcoin mining, and digital education.
Its flagship product, USDT, continues to dominate the stablecoin market, with a market capitalization exceeding $117 billion. Additionally, Tether recorded profits of $5.2 billion for the first half of 2024.
Despite its strong position, Tether faces growing competition from emerging players in the stablecoin arena. Notably, PayPal recently launched its own US dollar-pegged stablecoin, PYUSD, which has already reached a market capitalization of over $875 million.
The new investment comes as Tether navigates a stablecoin market that is becoming increasingly crowded. By branching out into agriculture, the company appears to be hedging its bets to solidify its position in both traditional and digital sectors.
Loading...
The Most Liked Crypto News Findings
Looking for more latest crypto news on related topic? We have gathered similar news articles for you to spare your time. Take a look!
Latest Crypto News & Videos
×
Verified
