Cryptotimes | 9 September 2024Tether invests $100 million in agriculture firm
By Iyiola Adrian
Tether, the issuer of the world’s largest stablecoin, has invested $100 million to buy a 9.8% stake in Adecoagro, a agro-tech firm in Latin America. This is Tether’s first move into the agriculture and food industry.
Tether usually invests in technology, including artificial intelligence, Bitcoin mining, and digital education. This new investment in Adecoagro marks a shift toward agriculture.
According to a filing with the US Securities and Exchange Commission, Tether used money from its own funds for this investment. The company now owns 10,048,249 shares of Adecoagro, which is almost 10% of the company’s total shares.
Adecoagro, which started in 2002, is a major milk producer in Argentina, processing 550,000 liters per day at its Buenos Aires plant. The company also works in sugar, ethanol, and energy in Brazil.
Alongside this investment, Tether is also planning to launch a new stablecoin linked to the United Arab Emirates dirham (AED) with partners Phoenix Group and Green Acorn Investments. This new stablecoin will be backed by reserves from the UAE.
With this new investment, Tether seems to be expanding its focus beyond digital assets and technology.
