Tether, the company behind the world’s largest stablecoin USDT, is quietly turning itself into something much bigger than a crypto issuer. According to a recent Financial Times report, the firm now holds around 140 investments across a surprisingly wide range of industries — from agriculture projects in South America to a stake in Italian football giant Juventus.
The rapid expansion is being powered by the massive profits Tether earns from managing the reserves that back USDT. The stablecoin’s market value has exploded from about $5 billion in 2020 to roughly $185 billion today, making it the main bridge between the crypto economy and the US dollar for around 500 million users worldwide. Unlike many financial firms, Tether keeps the returns generated from its reserve assets instead of passing profits on to token holders. Those earnings now add up to tens of billions of dollars each year.
With more money flowing in, Tether is also growing its team. The company has expanded its workforce to around 300 people and plans to hire another 150 employees over the next 18 months. Most of these roles are for engineers, but the hiring push goes well beyond technical positions. Job listings show the company is recruiting AI filmmakers in Italy, venture investment associates in the UAE, and regulatory affairs leaders in countries such as Ghana and Brazil.
CEO Paolo Ardoino recently shared the company’s long-term vision at a conference in San Salvador, El Salvador. He described Tether’s goal of building a global “freedom tech stack” that covers finance, artificial intelligence, communications, and even energy. At the event, Tether showcased products like MOS, a bitcoin mining operating system, the QVAC platform for AI agents, and WDK wallets that allow AI agents to transact using Tether.
Tether’s global footprint has also been shifting. The company moved its headquarters to El Salvador last year, where it has been warmly welcomed by President Nayib Bukele’s pro-crypto administration. Previously, Tether operated out of places like the Isle of Man and the British Virgin Islands. It is now building an office tower in El Salvador and maintains close ties with the local government. Operational leadership is split, with a new London-based team managing finance and operations under CFO Simon McWilliams, while other teams remain spread across Switzerland and elsewhere.
Not all attention around Tether is positive. The company’s political connections in the US have drawn scrutiny, especially as it explores a potential funding round of $15 billion to $20 billion that would value the firm at around $500 billion. Tether has ties to Commerce Secretary Howard Lutnick, whose bank, Cantor Fitzgerald, acts as custodian for Tether’s US Treasury holdings and also holds an investment in the company. Brandon Lutnick, who now chairs the bank, has publicly described Ardoino as both a close partner and a personal friend.
Transparency remains another point of debate. While Tether releases quarterly attestations from BDO Italia, it does not provide full independent audits. The company also settled with US authorities in 2021 over claims that it misrepresented the assets backing USDT. More recently, New York officials raised concerns about how and when Tether cooperates with law enforcement. Tether says it works closely with US agencies on a voluntary basis, even though it is not bound by the same legal obligations as regulated American financial institutions.
As Tether grows from a stablecoin issuer into a sprawling tech and investment group, the company’s influence — and the questions surrounding it — are only getting bigger.
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