Stablecoin issuer Tether (CRYPTO: USDT) on Monday announced its first venture into the agricultural sector by acquiring a 9.8% stake in Adecoagro, a Latin American agricultural leader.

What Happened: The $100 million investment was funded by Tether’s working capital, giving the company ownership of over 10 million shares of Adecoagro.

This investment expands Tether’s portfolio, which previously included ventures in artificial intelligence, Bitcoin mining and digital education.

Adecoagro, founded in 2002, operates in Argentina’s dairy industry and Brazil’s sugar, ethanol and energy sectors.

Also Read: Bitcoin Rally On Horizon As August Jobs Data Signals Potential, Say Experts

Meanwhile, Tether continues to dominate the stablecoin market with a market capitalization exceeding $118 billion.

Recently, Tether announced the launch of a new stablecoin tied to the UAE dirham (AED), in collaboration with the Phoenix Group and Green Acorn Investments.

However, the stablecoin sector faces increasing competition with new entrants like PayPal’s US dollar-pegged stablecoin and Ripple Labs’ upcoming Ripple USD.

What’s Next: As the stablecoin market grows, with a record $168 billion market capitalization reached in August 2024, discussions on the future of digital assets are likely to intensify at Benzinga’s Future of Digital Assets event on Nov. 19.

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