Tether, the company behind the world’s largest stablecoin USDT, has announced its plans to invest a staggering half a billion dollars in order to establish itself as one of the leading Bitcoin miners globally. Paolo Ardoino, Tether’s incoming CEO, revealed in a recent interview that the company aims to invest approximately $500 million over the next six months. Tether’s investment strategy involves creating its own mining facilities and acquiring stakes in other mining companies.
This move signifies a significant shift for Tether from its primary business of running the USDT stablecoin, which maintains a one-to-one value with the US dollar. Tether generates revenue by managing a reserve of US Treasury bills and other assets that back the USDT stablecoin. With an accumulated excess cash amount of approximately $3.2 billion as of September 30, the company has already allocated over $800 million this year for investments, including those related to Bitcoin.
