After nearly a decade of promising financial and security audits for users and critics to look over, Tether has once again failed to put its money where its mouth is, instead choosing to announce a complete change of its business model.
The rebrand is in line with many of the statements the company has been making over the past several years, around plans to get into the bitcoin mining business, the data industry, and blockchain education.
The news comes on the back of new reporting from the Wall Street Journal that Tether has been extremely useful for Russia in its bid to acquire weapons to defeat Ukraine and numerous damning statements from Janet Yellen regarding stablecoins.
Since US regulators and politicians started to pay closer attention to stablecoins, Tether has taken to calling itself ‘the largest company in the digital asset industry’ instead of the ‘largest stablecoin,’ and is clearly trying to put a positive spin on the work that it does.
Read more: Tether implicated in Russian weapons sales, completes security audit
Tether says there’s more to it than a $110 billion stablecoin
While Tether is almost exclusively known for being the owner and operator of the stablecoin (USDT) with the highest market cap and most volume, the new PR campaign is clearly an attempt to suggest there’s far more to the company.
In an advertisement released at the same time as its press release, Tether says it’s “transcended [its] beginnings to redefine what’s possible beyond finance.”
Indeed, according to its hiring page, Tether is looking for managers for its education program and engineers for its AI mission.
One position it isn’t hiring for? An auditor willing to trudge through almost a decade of unaudited financial statements, hacks, scams, and giant missteps.
