Tether (USDT), a leading stablecoin issuer, has invested over $112 million in an agro-industrial company founded in Argentina.
Documents filed with the U.S. Securities and Exchange Commission (SEC) last month show that a Tether subsidiary owns 10,048,249 common shares of Adecoa Agro, a company with agricultural and energy production operations in Argentina, Brazil and Uruguay. has been done.
Adecoa Agro stock (AGRO) is trading at $11.21 at the time of writing, and Tether stock represents 9.8% of the company’s stock.
According to SEC filings, Tether Investment Limited, a subsidiary of the stablecoin issuer, is committed to developing “emerging technologies such as artificial intelligence and peer-to-peer platforms, sustainable Bitcoin mining operations, and digital education initiatives. ” is pouring money into it.
This is not Adecoa Agro’s first involvement in the digital asset field. In 2021, the agro-industrial company itself invested in Agrotoken, a blockchain startup focused on tokenizing field production.
Adecoagro reported managing 561,000 hectares of land and producing 838,000 tonnes of crops and rice. The company says this has driven sales worth $1.442 billion.
Tether posted a “record” net profit worth $5.2 billion in the first half of this year, according to the company’s second quarter report.
The company issues USDT, which is intended to maintain a 1:1 peg with the US dollar. It is the largest stablecoin, with a market capitalization of over $118 billion.
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