Tether Expands Its Presence in the Digital Asset Space with a Strategic Investment in VCI Global
Tether, the largest stablecoin issuer, has made a significant move to expand its presence in the digital asset space by becoming the largest shareholder in Nasdaq-listed technology consultancy VCI Global. This development comes after a $100 million digital asset transaction involving OOBIT’s native token OOB. As part of the deal, VCI Global will acquire $100 million worth of OOB tokens, with Tether set to gain indirect ownership through its existing stake in OOBIT.
VCI Global’s Ambitions in the Digital Asset Space
VCI Global, a cross-industry technology platform developer, aims to position itself as a major player in the digital asset space by integrating OOBIT’s token utility into its AI, fintech, and government data platforms. The company has already acquired $50 million worth of OOB tokens through a restricted stock offering and will acquire an additional $50 million through cash purchases following the public launch of the OOB tokens. This strategic investment is expected to drive the adoption of digital assets and enhance VCI Global’s offerings in the market.
OOBIT, a mobile crypto payment platform backed by Tether, CMCC Global, and Solana co-founder Anatoly Yakovenko, is currently renaming its token and migrating it from Ethereum to Solana. The process is expected to be completed by November 12th, as announced by OOBIT.
OOBIT migration announcement | Source: OOBIT on X
Tether’s Strategic Investments and Expansion
Tether has long used strategic investments to expand its presence outside the stablecoin market, where its flagship stablecoin USDT has the largest market share with a total market cap of $183 billion. The company’s approach appears to be paying off, with Tether joining the world’s top 20 holders of U.S. debt after reporting year-to-date profits of over $10 billion and disclosing $135 billion in U.S. Treasury exposure. This puts Tether ahead of government holders such as South Korea.
Recently, the Tether-backed video platform Rumble announced plans to take over the German data center operator Northern Data, which also counts Tether among its major investors and backers. Earlier this year, Tether acquired a minority stake in Bit2Me, a leading Spanish digital asset platform, and made a strategic investment in the Zengo wallet to drive the global adoption of self-custody and stablecoin-based payments.
For more information on Tether’s investment in VCI Global and its implications for the digital asset space, please visit: https://crypto.news/tether-secures-majority-stake-in-nasdaq-listed-vci-global-following-100m-oobit-deal/
