Original Title: Tether Investments: What a $100B stablecoin empire does with its profits
Original Author: Bennett Tomlin, protos
Original Translation: Rhythm Little Worker, BlockBeats
Tether is now one of the most significant financial groups in the world. It not only operates the highest market cap stablecoin but also has investments spanning various fields including cryptocurrency, payment processing, video streaming, artificial intelligence, brain-computer interfaces, agriculture, satellites, and football.
These investments aim to expand the company's reach and influence, and if successful, they are expected to bring substantial financial returns in the future.
Tether CEO Paolo Ardoino has revealed that Tether has invested in over 120 companies, but only 24 are publicly listed on its official website's "Tether Ventures" page.
This public list has also changed over time. According to screenshots and web archives released by Ardoino, the list originally included OrionX when Tether Ventures was launched. Tether referred to OrionX as "one of Chile's leading digital asset exchanges" in a now-deleted blog post.
Protos reached out to Tether to inquire why the company was removed from the website, but no response was received before publication.
In fact, there are many other investment projects that have been reported by the media—sometimes even appearing on Tether's own website—but for some reason, they have not been included on this investment portfolio page.
Samson Mow's Company
Samson Mow, the former Chief Strategy Officer of Blockstream, has received multiple investments from Tether.
The earliest of these was Tether's participation in the security token offering (STO) of Exordium. Exordium is the publisher behind the game "Infinite Fleet," founded by Mow. Exordium uses Holepunch technology, funded by Tether, to distribute its game client.
Exordium's website claims that its security token is still available on Bitfinex Securities (an affiliate of Tether). However, a review of the Bitfinex Securities website reveals that the current trading code list does not include this token.
Exordium is not the only company founded by Mow that Tether has invested in; Tether also invested in Jan3. Jan3 raised funds from Tether to "accelerate the development and expansion of the AQUA wallet."
Additionally, Blockstream has also received funding from iFinex, one of the companies operating the Bitfinex platform.
Celsius
Tether is also an equity investor in Celsius, a cryptocurrency lending platform that has since collapsed and been embroiled in large-scale fraud.
Celsius founder and former CEO Alex Mashinsky was recently sentenced to 12 years in prison.
It makes sense that this investment is not listed on the Tether Ventures page, as the equity has effectively become worthless following the collapse of the fraudulent platform.
In addition to equity investment, Tether also provided loans to Celsius, and the liquidation issues surrounding these loans were a significant point of contention in Celsius's bankruptcy proceedings. The lawsuit recently concluded with a settlement amount of $299.5 million.
Volcano Energy
Volcano Energy is a Bitcoin mining project in El Salvador that initially aimed to use geothermal energy from volcanoes to power a series of Bitcoin mining machines.
Tether described its goal as "fulfilling its mission of investing in renewable energy to support and promote sustainable Bitcoin mining."
According to the project's website, Volcano Energy has since shifted its focus from volcanic geothermal energy to wind and solar energy. Currently, the project has not begun mining any Bitcoin.
Tether Uruguay / Microfin
Tether also partnered with a local company, Microfin, to invest in Bitcoin mining operations in Uruguay. Tether stated that this investment demonstrates its "commitment to energy innovation and the future of cryptocurrency."
In September of this year, reports indicated that Tether was planning to abandon the project due to unpaid electricity bills. At that time, Tether told Cointelegraph, "Tether still supports these efforts and will seek a constructive way forward that reflects our long-term commitment to sustainable development opportunities in the region."
However, according to reports cited by El Observador, Tether has since officially abandoned the project, citing high energy costs and lack of profitability.
Tether's Special Projects Services
Tether has several projects under its "Special Projects Services" department, led by Davide Rovelli.
These include Plan B, a cryptocurrency conference based in Switzerland, operated by Rovelli's AltKey SA. The established goal of Plan B is to "establish a European crypto hub in Lugano."
One of the projects touted as a "masterpiece" of Plan B is Luganodes, a provider of "staking-as-a-service." This service primarily focuses on the Tron network, founded by Justin Sun, which is the second-largest network by USDT token issuance.
2040 Energy / Proton
2040 Energy was initially a joint project between Tether and Swan.
The project ultimately evolved into a legal dispute, accusing Tether of inducing related consultants to leave 2040 Energy to launch the more closely related Proton Management project. Both 2040 Energy and Proton Management are funded by Tether.
Recently, Proton Management successfully applied for mandatory arbitration in the Central District Court of California. These projects represent only a part of Tether's growth as a major funder of the Bitcoin mining ecosystem.
Satellogic
Tether has even extended its investment reach into space, investing in Satellogic, a company that operates satellites and sells observational data.
Satellogic noted in its investment announcement press release that the funds "will help advance our mission as we continue to focus on strategic positioning in the U.S., national security markets, and opportunities in global space systems."
In October, Satellogic announced it would publicly offer part of its equity.
Parfin
Tether described Parfin in a blog post as "a digital asset custody, tokenization, trading, and management platform in Latin America."
This investment is part of what Ardoino described as Tether's "strong belief that Latin America will become one of the global hubs of blockchain innovation."
Among other features, the Parfin platform promotes its "compliance-as-a-service" management tools aimed at other financial institutions. Parfin also launched a product called Rayls, described as "a blockchain for banks."
According to data from CoinMarketCap, the market cap of the tokens associated with this project is approximately $44 million.
Ledn
Ledn is a Bitcoin lending platform that Ardoino stated can "expand credit channels without requiring individuals to sell their digital assets."
Ledn is one of the smaller-scale lenders to Alameda Research. After the collapse of FTX and Alameda, Ledn claimed to have "fully absorbed the impact of the outstanding loans to Alameda" and further noted that "Ledn also held a small amount of assets on FTX, but this will not affect customer assets."
Ledn had previously relied on Genesis Global Capital as a partner, but reportedly terminated that relationship before Genesis's collapse. These issues all occurred before Tether invested in the company.
Kotani Pay
Tether described Kotani Pay as "an infrastructure for connecting Web3 users across Africa with local payment channels for deposits and withdrawals."
It promotes its ability to convert various local currencies into cryptocurrencies. Additionally, it offers what it calls "stablecoin settlement solutions," aimed at facilitating cross-border payments and claiming to be faster than banks.
Bit2Me
Bit2Me is described in Tether's blog as "the leading Spanish-language digital asset platform."
It offers exchange services, as well as "Earn" products, "Loan" products that allow users to take out cryptocurrency-backed loans, and a "blockchain securities exchange."
It has a platform token called B2M. According to self-reported data on CoinMarketCap, its market cap has fallen from a peak of about $550 million to just $58 million.
Pave Bank
Tether's most recent investment has gone to Pave Bank, a bank regulated by Georgia, which promises to provide "global, secure multi-asset banking" and "programmable banking."
The company claims to be a "technology company" in terms of product design and construction, while being a "fully regulated bank" in terms of risk, capital, and regulatory management.
Prestige Wealth
Prestige Wealth (also known as Aurelion) is a peculiar company. Similar to other Digital Asset Treasury (DAT) companies, it differs in that the asset it invests in is Tether Gold, a tokenized version of a so-called real-world asset (RWA).
Tether invested in this company when it was raising funds to purchase Tether Gold. A significant portion of its "Private Investment in Public Equity" (PIPE) financing was contributed in the form of Tether (USDT) tokens.
In the press release announcing this investment, Aurelion's CEO Björn Schmidtke noted, "This is not just about returns or finance: it’s about redefining how to hold, transfer, and preserve real wealth in the digital age."
The press release later claimed that Aurelion offers "returns, transparency, regulatory compliance, and daily on-chain verification."
Pointsville
Pointsville is another company focused on tokenizing real-world assets (RWA) and providing loyalty programs.
The company is led by Gabor Gurbacs, whose LinkedIn profile indicates he is Tether's Chief Strategy Advisor.
In a press release describing this financing, Ardoino stated, "Tokenization is rapidly becoming one of the most practical and impactful drivers of real-world asset applications. Tether's Hadron platform is proud to support this transformation and work with Pointsville's experienced team to provide the scale and availability needed to integrate real-world assets and loyalty programs into the digital economy."
Transak
Transak claims to be "the global leader in fiat-to-crypto infrastructure," and Ardoino stated it is "accelerating adoption in emerging and developed markets, bridging the financial access gap, and creating new opportunities for businesses and consumers."
It offers over-the-counter (OTC) services as well as deposit and withdrawal services.
Unlike the aforementioned investments, Tether has some other significant investments that are indeed listed on the website.
Rumble and Northern Data
When Tether initially invested in Northern Data, it was a data center and Bitcoin mining company.
Tether quickly became a major shareholder. Since then, Northern Data has spun off its mining business into Peak Mining and has begun to focus heavily on artificial intelligence (AI).
Tether also invested in Rumble, a video streaming site popular among right-wing individuals, especially those banned from Twitch.
Subsequently, Rumble acquired Northern Data, which resulted in Tether holding approximately 30% equity in Rumble. In addition to incorporating cryptocurrency into its balance sheet, Rumble also brought Tether on as a major advertising client, with Tether agreeing to invest $100 million in advertising.
Rumble's recent earnings call discussed the company's intention to transform into what it calls a "freedom-first" AI infrastructure company.
Ardoino was highlighted in the call, where he claimed, "Rumble's vision aligns completely with ours."
Rumble CEO Chris Pavlovski also claimed during the call that Rumble will promote its cryptocurrency-based Rumble wallet to its entire user base this month. Venture capital firm 1789 Capital, which has Donald Trump Jr. as a partner, also invested in Rumble.
Bitdeer
Jihan Wu has a long history in the Bitcoin mining industry, being the co-founder and former CEO of Bitmain.
He now leads Bitdeer, a company spun off from Bitmain and publicly listed on NASDAQ. Tether invested in Bitdeer, with its stake peaking at over 20% before being reduced to about 18%.
CityPay.io
CityPay.io is a company based in Georgia that focuses on helping merchants accept cryptocurrency payments.
When Tether invested in the company, it stated that this would be part of its "expansion of influence in Georgia." Ardoino expressed that Tether "is pleased to partner with CityPay.io to bring greater innovation and efficiency to the payment industry in Georgia."
Fizen
Fizen is described in Tether's blog post as a "company focused on self-custody crypto wallets and digital payments."
Fizen's website promotes its ability to "make money on the go" and highlights its capability to "enjoy returns anytime, anywhere."
Ardoino stated that this investment "highlights our commitment to expanding global access to efficient and reliable digital financial solutions, thereby promoting the wise and responsible use of digital assets in everyday life."
Kem
Kem is described in Tether's blog post as "a platform designed for remittances and financial management," primarily operating in the Middle East and North Africa. Ardoino stated that this investment strengthens Tether's "commitment to promoting financial inclusion and stability."
Kem's website describes it as "the first cryptocurrency bank." While it appears that Kem is not actually a bank, and it certainly is not the first to attempt to serve the cryptocurrency industry.
However, its website does indicate that "Kem operates through Kemfinity s.r.o. (Company No: 221 62 194), an entity licensed as a VASP (Virtual Asset Service Provider) in the Czech Republic."
Sorted Wallet
Sorted Wallet is described by Tether as a platform that "provides secure and convenient cryptocurrency transactions, bridging the gap for unbanked and underbanked populations in developing regions."
In addition to providing a wallet, it also promotes its ability to help users "withdraw USDT to bank accounts, phone credits, or mobile money accounts."
Ardoino claimed, "By supporting Sorted Wallet, we unlock new opportunities for individuals with basic feature phones to participate in the financial system. Our goal is to ensure that everyone, regardless of where they are or what type of phone they use, can safely manage and use cryptocurrency, empowering them to build a more secure financial future and actively participate in the evolving digital economy."
Synonym
Synonym is a Bitcoin wallet provider that includes Lightning Network functionality, and its website states it is "a Tether company."
In addition to the wallet, the company is also behind Pubky, which its website describes as an application driven by "a new decentralized protocol that includes social tagging and social curation features."
Additionally, it offers Atomicity, described as a "P2P trust system" aimed at achieving "business and collaboration beyond major bank credit cards."
Shiga
Shiga Digital is described in Tether's blog post as "a modern platform providing access to pan-African blockchain financial solutions that are usable in the real world and easily accessible. Shiga Digital offers virtual accounts, OTC services, fund management, and foreign exchange services to African businesses."
Its website proposes "empowering your business with decentralized banking solutions." Shiga claims to be an EU-licensed virtual asset service provider, but it does not seem to be a bank in the literal sense.
XREX
XREX is described on the Tether Ventures page as "a USDT-based cross-border B2B payment provider for emerging markets," while its official website describes it as "changing the future of banking."
Its website claims it is a money services business regulated by FinCEN, a major payment institution licensed in Singapore, and a VASP anti-money laundering registrant licensed in Taiwan. Its website does not seem to mention any banking licenses.
Tether's article about this investment claims that it will enable XREX to "facilitate compliant, USDT-based cross-border B2B payments in emerging markets." Additionally, the article states that "XREX will collaborate with the Unitas Foundation to launch XAU1, a unitized stablecoin pegged to the US dollar and backed by Tether Gold (XAUt)."
StablR and Quantoz
StablR is launching a stablecoin in Europe aimed at complying with the Markets in Crypto-Assets Regulation (MiCA) framework and relies on Tether's Hadron tokenization platform.
Quantoz is another company intending to utilize Tether's Hadron platform to launch a MiCA-compliant stablecoin in Europe. Tether previously offered its own euro-pegged stablecoin EURT, but that project has been shut down.
Blackrock Neurotech
Perhaps Tether's strangest investment is Blackrock Neurotech, a company dedicated to developing brain-computer interfaces.
This investment falls under "Tether Evo." The Tether Evo website claims, "Tether stands at the intersection of innovation and human potential, committed to advancing humanity into a future where technology and human capabilities merge in unprecedented ways."
Academy of Digital Industries
Tether also invested in the Academy of Digital Industries, an online training and education platform based in Georgia. This investment reportedly enabled the platform to expand its courses on "Bitcoin, stablecoins, peer-to-peer technology, and artificial intelligence."
Be Water
Be Water is described in Tether's announcement of the investment as "an innovative media company focused on producing and distributing audio, video, film, and live content." Ardoino stated that this investment aligns with Tether's belief in "the importance of independent media in shaping an informed society."
Crystal Intelligence
Tether's investment in blockchain analytics company Crystal Intelligence seems to align with its desire to "combat illegal stablecoin usage by supporting law enforcement and building a safer, more resilient digital asset ecosystem." Tether also collaborates with Crystal Intelligence's competitor Chainalysis, integrating it into the Tether Hadron platform.
Elemental Altus
Tether also invested in Elemental Altus, a precious metals royalty company. Ardoino stated that this investment aligns with Tether's "long-standing belief that tangible assets like Bitcoin and gold will underpin the most enduring forms of digital value."
Holepunch
Tether and its sister company Bitfinex are also behind Holepunch, a cryptographic peer-to-peer communication platform that offers the Keet video chat application. Ardoino also serves as the Chief Strategy Officer of Holepunch.
Juventus Football Club
One of the most perplexing investments is in Juventus Football Club, which Tether attempts to describe as an opportunity to "integrate its futuristic portfolio into the sports industry." This also indicates Tether's desire to leverage this opportunity to incorporate "stablecoins, digital assets, and human-centric technology into everyday life."
Zengo Wallet
Tether describes Zengo as "a leading self-custody crypto wallet known for its focus on security and ease of use," further claiming that Zengo has served 1.5 million users "without a single incident of wallet hacking, phishing, or takeover."
Zengo is a multi-party computation (MPC) wallet that stores the key shards protecting your cryptocurrency between your own mobile device and Zengo's servers.
Mansa
Mansa claims to provide revolving credit lines to payment companies to facilitate transaction settlements and rapid fund turnover for customer accounts. Additionally, its website describes other services it offers, including over-the-counter foreign exchange trading and "virtual card processing."
Oobit
Tether describes Oobit as "a mobile payment application." Ardoino stated that Tether's investment is part of a shared vision between Tether and Oobit to "drive widespread adoption of cryptocurrency globally."
Adecoagro
Adecoagro is an agricultural group that also invests in energy production. After Tether acquired a majority stake in the company, it announced a memorandum of understanding "to explore strategic cooperation focused on Bitcoin mining."
NAKA
NAKA is a company that claims to be dedicated to developing "self-custody payment cards." Data from Crunchbase indicates that Tether has invested in it.
Twenty One
Finally, there is Twenty One, a digital asset treasury (DAT) company led by Jack Mallers and owned by Tether, which was launched in collaboration with Tether's most important custodian, Cantor Fitzgerald.
Twenty One's website claims to currently hold 43,514 Bitcoins.
Conclusion
Protos can only confirm about a quarter of Tether's investments (assuming Ardoino's claim of "120+" is still accurate).
The confirmed investments show that this is a far-reaching financial company involved in both the cryptocurrency industry and beyond, while the vast majority of its investments remain unknown, making it nearly impossible for outsiders to assess Tether's full influence and reach.
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