Tether Makes Bold Move: Acquires 9.8% Stake in Latin American Agricultural Powerhouse

USDT issuer stablecoin firm acquired a significant amount of stakes in Adecoagro as part of the company’s portfolio diversification strategy.

Tether is a subsidiary of the popular Bitcoin exchange Bitfinex. Tether manages all the financial activities for the USDT stablecoin. Since its inception, despite high regulatory heat, USDT has been the top stablecoin in the crypto market due to its first-mover advantage.

Tether invested $100 million in Adecoagro and acquired 9.8% of its shares. This investment marks Tether’s diversification into a non-crypto sector. It’s worth noting that Adecoagro is a major milk producer in Argentina and manages over 193,000 hectares of sugarcane crops in Brazil, producing refined sugar and ethanol.

USDT issuer Tether has acquired a 9.8% stake in Latin American agricultural giant Adecoagro for $100 million to diversify its investments into the agriculture and food sectors. Adecoagro is a major milk producer in Argentina and manages more than 193,000 hectares of sugarcane…

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— Wu Blockchain (@WuBlockchain) September 8, 2024

Tether CEO Paolo Ardoino expressed satisfaction with this decision, mentioning that his childhood was closely tied to farming with his parents.

I spent my childhood following and "helping" my grandparents and parents around in their farm, growing tomatoes, rosemary, sage, asparagus and the best olive oil you could ever taste.

♥️ so many beautiful memories. https://t.co/CT5eDgtlDx

— Paolo Ardoino (@paoloardoino) September 8, 2024

Tether’s Financial Strength

Over the past 12 months, Tether has demonstrated its dominance in the crypto business, generating record revenue through USDT transactions and allocating substantial funds in both crypto and non-crypto sectors.

In Q2 2024, Tether reported a net revenue of $1.3 billion, a remarkable achievement for any company.

Tether's Q2 2024 attestation is out.
Another great quarter.

A short summary as of 30 June 2024:
* $1.3 billion in net operating profit.
* $520 million increase in Tether's Group own equity, bringing it to a total of $11.9 billion.
* $5.33 billion in excess reserves
* more than… https://t.co/f0vb4VfmYB

— Paolo Ardoino (@paoloardoino) July 31, 2024

Tether & El Salvador

Despite regulatory challenges, Tether has consistently contributed to its field. Three years ago, Tether’s parent company Bitfinex assisted El Salvador in adopting Bitcoin at a technical level.

Recently, Paolo shared that this was a proud moment for Tether to help El Salvador in the Bitcoin adoption journey, hinting that even bigger developments, such as more widespread Bitcoin adoption, are on the horizon.

We are proud to have supported El Salvador on their brave move 3 years ago to adopt Bitcoin as legal tender.

It’s amazing to see the progress that has been made and there is even more to come! https://t.co/xVUSdqIjeg

— Paolo Ardoino (@paoloardoino) September 7, 2024

Read also: $ADA Trading Volumes Soar to All-Time High, as Cardano Welcomes New Meme Coin Launchpad

Tether Makes Bold Move: Acquires 9.8% Stake in Latin American Agricultural Powerhouse

 

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