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Cryptocurrency News Articles

Tether Invests $775 Million in Video-Sharing Platform Rumble

Dec 25, 2024 at 12:11 am

Tether Holdings Ltd., the company behind the world's largest stablecoin USDT, has announced a major investment of $775 million in the video-sharing platform Rumble.

Tether Invests $775 Million in Video-Sharing Platform Rumble

World’s largest stablecoin issuer Tether Holdings Ltd. (USDT) is making a major investment in video-sharing platform Rumble Inc. (NASDAQ:RUM). As per the agreement, Tether will buy 103.3 million shares in Rumble at $7.50 per share, totally amounting to $775 million.

Out of the total investment, $250 million will be used to help Rumble grow. Additionally, Rumble will offer to buy back up to 70 million of its shares at $7.50 each, giving all shareholders a chance to participate under the same conditions. The transaction is set to be completed in early 2025.

This bulk purchase of Rumble shares will help the video platform with its growth initiatives and working capital needs as it aims to become profitable by 2025. The share buyback will also offer immediate liquidity to interested shareholders.

Tether is known for its products that bring stability and flexibility to the crypto economy, with USDT being the most popular. Pegged to the US dollar, USDT has demonstrated consistent value over time. Tether asserts that each token is fully backed by equivalent reserves in dollars or other assets.

Another product is EURT, which is linked to the euro. It serves those who need a stable digital currency for euro-based transactions, particularly in regions where the euro is widely used. Similarly, Tether offers CNHT, a stablecoin tied to the offshore Chinese yuan, catering to markets that require a yuan-based digital currency for international trade.

Tether also provides XAUT, a stablecoin backed by physical gold. Each XAUT token represents one troy ounce of gold stored securely in a vault, allowing users to invest in gold while enjoying the benefits of a digital asset. Additionally, there is MXNT, a stablecoin pegged to the Mexican peso, which supports transactions in Latin America.

Tether's profits have surged thanks to the growing demand for its stablecoin, USDT, which is pegged to the US dollar. The stablecoin’s market value has grown by $50 billion this year, reaching over $140 billion. Much of Tether’s earnings come from investing its reserves in assets like US Treasury bonds, gold, and other securities. In the third quarter, Tether earned $2.5B.

News source:cryptotvplus.com

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