USDT Issuer Tether Announces ‘Strategic’ Investment In Juventus

Tether Investments has announced a strategic investment in the Italian football club Juventus. This comes amid JP Morgan’s statement that the USDT issuer might need to sell its Bitcoin holdings to comply with US stablecoin regulations.

Tether Announces Strategic Investment In Juventus

In a blog post, Tether revealed that its investment arm has acquired a strategic minority stake in Juventus Football Club, one of the “most successful and iconic football clubs” in the world.

The stablecoin issuer remarked that the investment marks a significant milestone for the firm as it is now uniquely positioned to integrate its futuristic portfolio in the realms of the sports industry.

While blockchain technology has become an integral part of the professional sports industry with a view to enhancing the fan experience, Tether stated that it is looking to deliver a sports-digital asset synergy at a new level with its acquisition of a minority ownership stake in Juve.

The firm also revealed that, through its investment arm, it is looking at its strategic investments in sports franchises worldwide, integrating its digital assets, payments, and newly acquired AI and biotech expertise into the sports industry, and assembling a top-tier advisory team for this initiative.

Tether also alluded to its official sole kit sponsorship of FC Lugano, a football club that competes in the Swiss Super League. According to the firm, this sponsorship, coupled with the minority stake in Juve, underscores its dedication to promoting blockchain technology and stablecoin adoption in mainstream sectors such as the sports industry.

Speaking on this acquisition, Tether CEO Paolo Ardoino said,

“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. We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape.”

Ardoino Addresses JP Morgan’s Statement

In an X post, the Tether CEO addressed claims by JP Morgan that the stablecoin issuer would need to offload its Bitcoin holdings to comply with the proposed US stablecoin regulations.

While admitting that the US Congress still needs to define a lot during consultations on the bills in the coming weeks, Ardoino remarked that even in the most extreme scenario, JP Morgan discounted the fact that Tether’s group equity (on top of stablecoin reserves) is over $20 billion in other very liquid assets.

He added that the group equity is generating over $1.2 billion in profits per quarter through US Treasuries, without counting profits from other investments and activities. Ardoino affirmed that his company has “probably” the best risk management in the industry. The CEO believes that JP Morgan is just “salty” because they are missing the Bitcoin train.

These developments come just days after Paolo Ardoino reaffirmed USDT’s dominance. He cited the firm’s vast global network, UAE expansion, $7 billion reserves and growing US investments are the reason why USDT remains above other stablecoins.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.