Tether has just bought into one of Europe’s most famous soccer clubs. The company behind USDT, the world’s biggest stablecoin company, announced on Friday that it has acquired a minority stake in Juventus SpA. However, the exact size and value of the deal were not disclosed in Tether’s announcement. The deal comes as Tether continues to expand aggressively, using the massive profits it generates from its $142 billion stablecoin operation and the US Treasury bonds it holds. The company recently reported having over $7 billion in excess reserves, up from $1 billion just three months earlier. With this cash, Tether has been investing in farming, AI, social media, and now, professional sports. Tether’s investment spree Juventus has been struggling financially, with its revenue dropping to €356 million ($374 million) this year—the lowest in its history in Deloitte’s Football Money League rankings, as it slipped from 11th place to 16th. Tether’s CEO, Paolo Ardoino, said that Tether wants to be a pioneer in merging crypto, AI, and biotech with the sports industry. “Aligned with our strategic investment in Juve, Tether will be a pioneer in merging new technologies, such as digital assets, AI, and biotech, with the well-established sports industry to drive change globally,” Paolo said in today’s statement . “We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape.” In December, Tether invested $775 million in Rumble Inc., a social media company linked to Donald Trump’s allies. It also holds €1.32 billion ($1.39 billion) worth of shares in German tech company Northern Data AG. Tether gains political power as Trump returns to the White House Tether’s aggressive expansion is also happening at a time when the US political climate has changed in favor of crypto. Just this February 7, Paolo took the stage at Tether’s annual Plan B Forum in San Salvador; Trump returned to the White House, bringing with him an administration packed with crypto-friendly officials. At the event, Paolo addressed a sellout crowd of crypto enthusiasts and asked: “Now what?” We have been hugged by the establishment… Now they have embraced us. Now what are we going to do?” One of the most powerful people in the Trump administration is Commerce Secretary Howard Lutnick, who is the former CEO of Cantor Fitzgerald, Tether’s financial advisor. Cantor also helps manage Tether’s reserves, and even holds a convertible bond issued by Tether. Lutnick’s close ties to Tether have drawn scrutiny from Senate Democrats. On January 29, the Senate Committee on Commerce, Science, and Transportation sent Lutnick a letter asking him on whether he had promised to use his position to “defuse threats facing Tether.” In his written response to the Senate on February 9, Lutnick denied the allegations, saying, “I have never suggested to anyone that I would do anything improper with respect to Tether.” Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet
