Tether invests $100M in Agriculture Firm
Reportedly, Tether has invested in an agriculture firm and this is Tether's first investment in the agriculture and food sector after investments in artificial intelligence, digital education initiatives, and bitcoin mining.
Tether the issuer of the world's largest stablecoin, has invested $100 million to get a 9.8% stake in Latin American agricultural giant Adecoagro.
According to a filing from the firm, Tether had previously made strategic investments in emerging technologies like peer-to-peer platforms, digital education programs, and artificial intelligence.
In a filing, Tether shared that it "used cash from its own working capital” for the said investment.
Adecoagro, which was founded in 2002 is a large milk producer in Argentina with a processing capacity of 550 thousand liters per day, according to its website.
Tether, is the largest stablecoin with a market cap of over $118 billion as per data from Coinmarketcap. Tether also recently shared plans to introduce a new stablecoin pegged to the United Arab Emirates dirham (AED).
However, competition in the stablecoin market seems to be intensifying with the introduction of new players like Paypal's US Dollar pegged stablecoin PayPal USD, which already has exceeded $1 billion in total market capitalization.
Ripple Labs also has shared the initial tests of its US dollar-pegged stablecoin, RLUSD on the XRP ledger, and Ethereum mainnets with plans to launch the fiat-backed token on more blockchain networks in the future.
Image Source: Coingecko
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