Tether Invests in Agro-Tech, Expanding Beyond Digital Assets
Tether, the company behind the world’s largest stablecoin USDT, is diversifying its investments. They’ve just dropped $100 million to acquire a 9.8% stake in Adecoagro, a prominent Latin American agro-tech firm.
This is a pretty big deal, marking Tether’s first foray into agriculture and food production. They’re typically known for investments in tech like AI, Bitcoin mining, and online education.
According to a filing with the US Securities and Exchange Commission, Tether used its own funds for this investment. They now own almost 10% of Adecoagro’s total shares, holding 10,048,249 shares.
Adecoagro, established in 2002, is a major milk producer in Argentina. Their Buenos Aires plant processes a whopping 550,000 liters of milk daily. The company also operates in sugar, ethanol, and energy sectors in Brazil.
In addition to this investment, Tether is also preparing to launch a new stablecoin pegged to the UAE dirham (AED). They’re partnering with Phoenix Group and Green Acorn Investments for this project, and the stablecoin will be backed by reserves from the UAE.
This new investment in Adecoagro suggests that Tether is looking beyond digital assets and technology.
