Tether

Tether is operated by Tether Holdings Limited, a company registered in the British Virgin Islands. It is the parent of Tether Limited, the issuer of the USDT token. Tether shares close corporate ties with the cryptocurrency exchange Bitfinex, with both entities controlled by iFinex Inc.

While Tether historically operated without a single clearly defined headquarters, it is in the process of establishing a formal corporate base in El Salvador. The company has obtained a Digital Asset Service Provider (DASP) licence and is investing in physical infrastructure in the country. At the same time, Tether maintains operational activities or affiliations in locations such as Switzerland (notably in Lugano), the British Virgin Islands and Hong Kong.

Tether's original mission was to facilitate the digital use of traditional fiat currencies via blockchain. Over time, this expanded to include financial empowerment in regions with limited banking access, and the promotion of low-cost, borderless transactions. The company states a commitment to security, legal compliance and individual sovereignty.

Launched as "Realcoin" in 2014 by its original founders, the project was rebranded to Tether later that year. In 2015, control transitioned to Bitfinex operators, and USDT was listed on Bitfinex, significantly accelerating its adoption. Tether later expanded its offering with stablecoins pegged to other fiat currencies (EURT, CNHT, MXNT) and gold (XAUT).

Since 2023, Tether Holdings has diversified beyond stablecoins through a new corporate structure with dedicated divisions:

• Tether Finance: This remains the core business unit responsible for the issuance and management of Tether-branded tokens, including USDT (US dollar-pegged), EURT (euro-pegged), CNHT (offshore Chinese yuan-pegged), MXNT (Mexican peso-pegged), and XAUT (gold-backed). It includes reserve management, redemption operations and the overall architecture for stablecoin functionality across supported blockchains.

• Tether Power: This division focuses on Bitcoin mining and energy infrastructure. Tether began mining operations in 2023, with reported projects in countries such as Uruguay. The strategy includes deploying renewable energy sources and developing custom hardware and software solutions, such as the “Moria” IoT platform, to improve the efficiency and autonomy of mining operations. The expansion into energy infrastructure signals a move toward securing long-term sustainability and operational independence from third-party providers.

• Tether Data: A vehicle for investing in emerging technologies, particularly artificial intelligence (AI) and peer-to-peer (P2P) systems. This includes backing for projects like Holepunch and its decentralised communication tool Keet. The division also includes the Hadron business unit, which focuses on AI research and infrastructure. The investment in privacy-preserving P2P platforms aligns with Tether’s publicly stated goals of supporting individual sovereignty and censorship-resistant tools.

• Tether Edu: Launched in 2024, this initiative supports global education in digital finance, blockchain and open technologies. It involves partnerships with local institutions and NGOs, and promotes online learning programmes, workshops and curriculum development. Notably, it collaborates with initiatives like Plan B, which aim to foster financial literacy and inclusion in emerging economies.

• Tether Evo: This arm explores frontier technologies through strategic investments. One example includes Tether’s investment in Blackrock Neurotech, a neurotechnology company developing brain-computer interface (BCI) solutions. The Evo unit reflects a broader thesis of positioning Tether in foundational technologies that may define future human-computer interaction.

This strategic diversification is understood as a hedge against growing regulatory scrutiny, reducing dependency on the USDT product line.

USDT is a stablecoin issued by Tether Limited, pegged 1:1 to the US dollar. It is designed as a digital representation of the US dollar, combining perceived fiat stability with blockchain efficiency.

USDT operates as a second-layer token on various blockchains, including Ethereum (ERC-20), Tron (TRC-20), Solana, Avalanche, Polygon, Omni, Tezos, Near, TON and Aptos. Tether regularly adjusts supported networks, having recently ended minting on EOS, Algorand and others due to limited adoption.

This multi-chain strategy aims to balance adoption with operational efficiency by prioritising networks with high user activity and liquidity, such as Ethereum, Tron and Solana.