Tether, the issuer behind the leading stablecoin, USDT, has purchased a minority stake in the Italian football team, the Juventus football club (also known as Juve).
Tether’s Expansion Vision
With a market capitalization of over $140 billion and over 400 million users, Tether’s latest move further strengthens its vision of becoming the leader in the digital space and expanding its portfolio by integrating USDT into day-to-day life.
The latest development comes a few weeks after the stablecoin issuer relocated to El Salvador, the first country to accept Bitcoin as legal tender and a favorable breeding ground for the growing digital asset industry.
Although the firm did not reveal how much it has stacked with the football club, Tether CEO Paolo Ardoino holds that the acquisition is a vehicle to drive USDT integration. He 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 collaboration and the potential to revolutionize the global sports landscape.”
Rise in Crypto Sports Partnerships
Apart from Tether throwing its financial muscle into Juventus, there has been a significant influx of crypto firms collaborating with prominent football clubs, becoming another source of income for sports teams.
Dropping all gambling sponsorship from shirts on match days, English football clubs have paved the way for crypto firms to increase their sponsorship of Premier League clubs.
As part of the stablecoin giant’s move to expand its ecosystem amid market hurdles and rigid regulations, Tether recently integrated its native coin into the Bitcoin Lightning Network, geared at transforming the role stablecoins can play within the Bitcoin ecosystem.
While the company is experiencing difficulties with the European regulatory body MiCA (Markets in Crypto Assets), the stablecoin king is considering expansion into the United States.
