Where Is Stablecoin Giant Tether Spending $102 Million?

Tether, the world’s largest stablecoin issuer and the most valuable company in the crypto world, has turned its attention and capital to South American-based agricultural giant Adecoagro SA.

According to the filings, Tether purchased approximately $102 million worth of shares of Adecoagro between July 29 and August 16, 2024. With this purchase, Tether became the third-largest shareholder, owning 9.8 percent of the company’s total shares.

Adecoagro is Argentina’s largest milk and rice producer, processes sugar cane and produces renewable energy in Brazil, and grows crops such as soybeans and corn in Argentina and Uruguay. A Tether spokesperson described the move as part of the company’s strategy to diversify its profits into diversified investment opportunities. “Tether sees land as an important asset class and considers it a complementary investment to its Bitcoin and gold investments,” he said.

The stablecoin giant shared the details

Tether announced in April that it was splitting into four divisions. These divisions are: Tether Finance for USDT stablecoin management, Tether Data for Bitcoin mining investments, Tether Data, which oversees technology investments, and Tether Edu, which runs education projects. It is not yet clear which division is managing the Adecoagro investment.

In August, after a record $5.2 billion profit in the first half of 2024, Tether announced that it would double its workforce by 2025. CEO Paolo Ardoino emphasized that the company would strengthen its development, investment, and compliance teams. Tether also invested in Taiwanese exchange XREX and Nasdaq-listed Bitcoin miner Bitdeer.