The CEO also unveiled that he and the team of Tether are big fans of Bitcoin mining and would like to participate actively in safeguarding the finite supply of Bitcoin.
Also, Tether has so far been investigating the utilization of Tether for cross-border payments, mainly in commodity trading.
In Comparison with normal credit transfers that normally take longer time, USDT comes with a much faster after being sent through the blockchain, and the payment will be verified in just a few seconds.
The chief executive officer of Tether, Paolo Ardoino has unveiled some of the stablecoin company’s latest investments in different sectors, starting with Bitcoin, and TradFi to payments for commodity trades.
On December 5, Ardoino gave an interview at the Emergence Conference in Prague in which he stated that Tether has recently made over $13 billion in profits. Talking about market capitalization, it has made more than $135 billion and has over $6 billion in additional excess equity.
Where the funds will be utilized?
Those funds are utilized in expanding the stablecoin investment portfolio of Tether. The CEO further went on to say that, when the stablecoin and the remaining have been invested outside the conservers from a different point of view from a different firm, called the investments of Tether have been invested in various areas.
The major part of the mentioned different areas includes Bitcoin mining. The CEO also unveiled that he and the team of Tether are big fans of Bitcoin mining and would like to participate actively in safeguarding the finite supply of Bitcoin so that it is not too decentralized.
He has also accepted that Tether has put its money into Bitcoin mining firms in smaller countries along with Central and South America. He further added that Bitcoin can not depend on two or three companies to mine, having 90% miners. Also, we need to add extra forces across the world to make Bitcoin safe. And it is one of our prime immature investments.
Another sector of investment
Another area for Tether includes TradFi and coin trading. Ardoino mentioned that the company has initiated a few deals in the TradFi sector and has worked as a short-term lender for people in various operations.
Also, Tether has so far been investigating the utilization of Tether for cross-border payments, mainly in commodity trading. He has a strong belief that stablecoins can become a “game-changer” for commodity trading as it can ease the process of payment extremely.
In Comparison with normal credit transfers that normally take longer time, USDT comes with a much faster after being sent through the blockchain, and the payment will be verified in just a few seconds.
So that is one of the areas where we have plans to devote a lot of resources as we can see how the USDT could be a game-changer, Ardoino concluded. Adding more, other investments of the company include past dealings such as brain-computer interface tech company Blackrock Neurotech and AI infrastructure company, Northern Data Group.
