Why Tether Bought a South American Farming Firm

Tether has issued $143 billion in USDT so far, and it said in its first-quarter report that it has $149 billion in reserves

- Reuters

Crypto powerhouse Tether, the world's largest digital assets company, is leveraging its recent acquisition of a South American agricultural firm to make a strategic play for the multi-trillion-dollar-a-year global commodities trade.

The company aims to embed its stablecoin, a digital currency pegged to the US dollar that trades in crypto exchanges, into the core of markets where raw materials are bought and sold, promising to slash cross-border payment costs and times from days to seconds.

New York-listed Adecoagro, a company that produces dairy in Argentina, rice in Uruguay and sugar and ethanol in Brazil, among other products, agreed in April to sell 70% of its shares to Tether in a deal valued at around $600 million.