Latest news with #JoeSticco
CTV News
16-07-2025
- Business
- CTV News
Why crypto giant Tether bought a South American farming company
NEW YORK — Crypto powerhouse Tether, the world's largest digital assets company, is leveraging its recent acquisition of a South American agricultural firm to make a strategic play for the multi-trillion dollar a year global commodities trade. The company aims to embed its stablecoin, a digital currency pegged to the U.S. dollar that trades in crypto exchanges, into the core of markets where raw materials are bought and sold, promising to slash cross-border payment costs and times from days to seconds. New York-listed Adecoagro, a company that produces dairy in Argentina, rice in Uruguay and sugar and ethanol in Brazil, among other products, agreed in April to sell 70 per cent of its shares to Tether in a deal valued at around US$600 million. It is another sign that the quickly-expanding crypto industry is moving into brick-and-mortar businesses, and broadening investments in physical assets. 'The crypto industry is increasingly focused on bridging digital finance with tangible assets,' said Joe Sticco, chief executive of Cryptex Finance, a company that created indexes that mirror cryptocurrencies' market caps. He said that by adding income-generating assets like farmland or food processing plants, Tether could strengthen its balance sheet and provide a hedge against inflation. Tether's main business segment is USDT, a digital currency backed mostly by U.S. Treasuries. Launched in 2014, USDT has grown sharply in trading volumes amid rising interest in cryptocurrency and token prices. It is a way to make payments outside of the traditional global financial system. The big difference between USDT and bitcoin or another cryptocurrency like ethereumis that USDT is designed to track the U.S. dollar, the currency dominating global trade. Commodities trading Tether has issued US$143 billion in USDT so far, and it said in its first quarter report that it has US$149 billion in reserves, including US$120 billion in U.S. Treasuries. 'Tether wants to boost the use of its stablecoin to make cross-border payments, something that I think will grow a lot in financial markets, particularly in commodities markets,' said Marcos Viriato, the chief executive of Parfin, a South American company providing technology for transactions with cryptocurrencies. 'If a company in Brazil sells commodities to someone in Bolivia, the payment through conventional channels could take more than three days. With USDT it would take seconds,' he said, adding that operation costs would also be much lower. Parfin has a pilot project with Brazil's third largest bank, Banco Bradesco, where Brazilian commodities exporters sell products to clients abroad who pay with stablecoins. Bradesco then uses Parfin's infrastructure to convert those USDT to local currency, which is deposited in exporters' accounts. 'Tether's investment approach prioritizes companies that expand our distribution network and enhance the real-world utility of stablecoins, with Adecoagro as a prime example,' Tether said in response to a Reuters request for information on the deal. The company said it is evaluating, alongside Adecoagro's management and other industry experts, how stablecoins could enhance efficiency and liquidity in commodity trading. Tether reported late last year that it had financed a physical crude deal between a major oil company and a commodities trader, which was settled using USDTs, the first time a deal on these terms was done. Reuters reported earlier this year that Russia was using cryptocurrencies in its oil trade with China and India to skirt Western sanctions. Venezuela has also sought to use digital currencies to trade. Sugar token Another possible option for Tether as it enters the agriculture world is the so-called tokenization of commodities, said Gracy Chen, chief executive of crypto exchange Bitget. Tether already has a gold token, which mirrors gold's value and is backed by gold reserves. It could look now into a sugar or corn token, that could be used for hedging or as a collateral in pre-harvest financing, Chen said. 'In effect, they are turning farmland, sugar mills and renewable energy plants into programmable financial instruments,' she said. Tether said that it sees 'significant potential in exploring the tokenization of real-world assets, including agricultural commodities,' although it stressed that there were no immediate plans to launch a sugar or corn token. Instead, for now, the crypto company will use its acquisition for a different application. Tether said it will tap renewable energy produced by Adecoagro in its operations in South America, such as the electricity coming from sugarcane mills, to power a bitcoin mining operation. --- Reporting by Marcelo Teixeira, editing by Deepa Babington
Reuters
16-07-2025
- Business
- Reuters
Why crypto giant Tether bought a South American farming company
NEW YORK, July 16 (Reuters) - Crypto powerhouse Tether, the world's largest digital assets company, is leveraging its recent acquisition of a South American agricultural firm to make a strategic play for the multi-trillion dollar a year global commodities trade. The company aims to embed its stablecoin, a digital currency pegged to the U.S. dollar that trades in crypto exchanges, into the core of markets where raw materials are bought and sold, promising to slash cross-border payment costs and times from days to seconds. New York-listed Adecoagro (AGRO.N), opens new tab, a company that produces dairy in Argentina, rice in Uruguay and sugar and ethanol in Brazil, among other products, agreed in April to sell 70% of its shares to Tether in a deal valued at around $600 million. It is another sign that the quickly-expanding crypto industry is moving into brick-and-mortar businesses, and broadening investments in physical assets. "The crypto industry is increasingly focused on bridging digital finance with tangible assets," said Joe Sticco, chief executive of Cryptex Finance, a company that created indexes that mirror cryptocurrencies' market caps. He said that by adding income-generating assets like farmland or food processing plants, Tether could strengthen its balance sheet and provide a hedge against inflation. Tether's main business segment is USDT, a digital currency backed mostly by U.S. Treasuries. Launched in 2014, USDT has grown sharply in trading volumes amid rising interest in cryptocurrency and token prices. It is a way to make payments outside of the traditional global financial system. The big difference between USDT and bitcoin or another cryptocurrency like ethereum is that USDT is designed to track the U.S. dollar, the currency dominating global trade. Tether has issued $143 billion in USDT so far, and it said in its first quarter report that it has $149 billion in reserves, including $120 billion in U.S. Treasuries. "Tether wants to boost the use of its stablecoin to make cross-border payments, something that I think will grow a lot in financial markets, particularly in commodities markets," said Marcos Viriato, the chief executive of Parfin, a South American company providing technology for transactions with cryptocurrencies. "If a company in Brazil sells commodities to someone in Bolivia, the payment through conventional channels could take more than three days. With USDT it would take seconds," he said, adding that operation costs would also be much lower. Parfin has a pilot project with Brazil's third largest bank, Banco Bradesco ( opens new tab, where Brazilian commodities exporters sell products to clients abroad who pay with stablecoins. Bradesco then uses Parfin's infrastructure to convert those USDT to local currency, which is deposited in exporters' accounts. "Tether's investment approach prioritizes companies that expand our distribution network and enhance the real-world utility of stablecoins, with Adecoagro as a prime example," Tether said in response to a Reuters request for information on the deal. The company said it is evaluating, alongside Adecoagro's management and other industry experts, how stablecoins could enhance efficiency and liquidity in commodity trading. Tether reported late last year that it had financed a physical crude deal between a major oil company and a commodities trader, which was settled using USDTs, the first time a deal on these terms was done. Reuters reported earlier this year that Russia was using cryptocurrencies in its oil trade with China and India to skirt Western sanctions. Venezuela has also sought to use digital currencies to trade. Another possible option for Tether as it enters the agriculture world is the so-called tokenization of commodities, said Gracy Chen, chief executive of crypto exchange Bitget. Tether already has a gold token, which mirrors gold's value and is backed by gold reserves. It could look now into a sugar or corn token, that could be used for hedging or as a collateral in pre-harvest financing, Chen said. "In effect, they are turning farmland, sugar mills and renewable energy plants into programmable financial instruments," she said. Tether said that it sees "significant potential in exploring the tokenization of real-world assets, including agricultural commodities," although it stressed that there were no immediate plans to launch a sugar or corn token. Instead, for now, the crypto company will use its acquisition for a different application. Tether said it will tap renewable energy produced by Adecoagro in its operations in South America, such as the electricity coming from sugarcane mills, to power a bitcoin mining operation.
Yahoo
16-07-2025
- Business
- Yahoo
Why crypto giant Tether bought a South American farming company
By Marcelo Teixeira NEW YORK (Reuters) -Crypto powerhouse Tether, the world's largest digital assets company, is leveraging its recent acquisition of a South American agricultural firm to make a strategic play for the multi-trillion dollar a year global commodities trade. The company aims to embed its stablecoin, a digital currency pegged to the U.S. dollar that trades in crypto exchanges, into the core of markets where raw materials are bought and sold, promising to slash cross-border payment costs and times from days to seconds. New York-listed Adecoagro, a company that produces dairy in Argentina, rice in Uruguay and sugar and ethanol in Brazil, among other products, agreed in April to sell 70% of its shares to Tether in a deal valued at around $600 million. It is another sign that the quickly-expanding crypto industry is moving into brick-and-mortar businesses, and broadening investments in physical assets. "The crypto industry is increasingly focused on bridging digital finance with tangible assets," said Joe Sticco, chief executive of Cryptex Finance, a company that created indexes that mirror cryptocurrencies' market caps. He said that by adding income-generating assets like farmland or food processing plants, Tether could strengthen its balance sheet and provide a hedge against inflation. Tether's main business segment is USDT, a digital currency backed mostly by U.S. Treasuries. Launched in 2014, USDT has grown sharply in trading volumes amid rising interest in cryptocurrency and token prices. It is a way to make payments outside of the traditional global financial system. The big difference between USDT and bitcoin or another cryptocurrency like ethereum is that USDT is designed to track the U.S. dollar, the currency dominating global trade. COMMODITIES TRADING Tether has issued $143 billion in USDT so far, and it said in its first quarter report that it has $149 billion in reserves, including $120 billion in U.S. Treasuries. "Tether wants to boost the use of its stablecoin to make cross-border payments, something that I think will grow a lot in financial markets, particularly in commodities markets," said Marcos Viriato, the chief executive of Parfin, a South American company providing technology for transactions with cryptocurrencies. "If a company in Brazil sells commodities to someone in Bolivia, the payment through conventional channels could take more than three days. With USDT it would take seconds," he said, adding that operation costs would also be much lower. Parfin has a pilot project with Brazil's third largest bank, Banco Bradesco, where Brazilian commodities exporters sell products to clients abroad who pay with stablecoins. Bradesco then uses Parfin's infrastructure to convert those USDT to local currency, which is deposited in exporters' accounts. "Tether's investment approach prioritizes companies that expand our distribution network and enhance the real-world utility of stablecoins, with Adecoagro as a prime example," Tether said in response to a Reuters request for information on the deal. The company said it is evaluating, alongside Adecoagro's management and other industry experts, how stablecoins could enhance efficiency and liquidity in commodity trading. Tether reported late last year that it had financed a physical crude deal between a major oil company and a commodities trader, which was settled using USDTs, the first time a deal on these terms was done. Reuters reported earlier this year that Russia was using cryptocurrencies in its oil trade with China and India to skirt Western sanctions. Venezuela has also sought to use digital currencies to trade. SUGAR TOKEN Another possible option for Tether as it enters the agriculture world is the so-called tokenization of commodities, said Gracy Chen, chief executive of crypto exchange Bitget. Tether already has a gold token, which mirrors gold's value and is backed by gold reserves. It could look now into a sugar or corn token, that could be used for hedging or as a collateral in pre-harvest financing, Chen said. "In effect, they are turning farmland, sugar mills and renewable energy plants into programmable financial instruments," she said. Tether said that it sees "significant potential in exploring the tokenization of real-world assets, including agricultural commodities," although it stressed that there were no immediate plans to launch a sugar or corn token. Instead, for now, the crypto company will use its acquisition for a different application. Tether said it will tap renewable energy produced by Adecoagro in its operations in South America, such as the electricity coming from sugarcane mills, to power a bitcoin mining operation.
New York Post
03-06-2025
- Business
- New York Post
Crypto airdrops: How to find and claim the next free token drops
Cryptocurrency airdrops have emerged as a popular way for blockchain startups to promote new crypto tokens and attract users to their projects. The guide below has all the details that crypto enthusiasts should know about airdrops, how they work and how to avoid scams. Airdrops are best understood as a way for crypto startups to raise awareness while launching new virtual currencies. The startups will send tokens to the virtual 'wallets' of users who sign up. The coins are usually distributed for free or in exchange for a service, such as posting on social media about the crypto project. Advertisement It's a long shot, but if the crypto coin surges in popularity and gains a following online, its value can skyrocket, providing a windfall for the user. 'The upside of legit airdrops can be huge, some early users of protocols like Arbitrum, Uniswap, or Celestia made thousands of dollars for actions they took months before token launch,' Cryptex cofounder and CEO Joe Sticco told The Post. While potentially lucrative, airdrops can be very high-risk and are sometimes associated with 'rug pulls' or 'pump and dump' schemes, while project leaders quickly sell off their holdings after launch. Advertisement Experts stress that crypto users should be cautious and conduct due diligence to ensure that they are being offered by a reputable outlet. 'Risks include phishing, spam tokens or even smart contract exploits, so tread carefully,' Cryptex's Sticco said. 'If it sounds too good to be true, it probably is.' Users should look carefully at the URLs of project websites to ensure they look legitimate and attempt to identify token launches that come with 'transparent roadmaps and real use cases,' according to Patrick Young, an executive at airdrop distribution tool Galxe. Are You Crypto Curious? How to start crypto trading today Best Wallet Download a trusted exchange app — Start by choosing a licensed crypto exchange. We recommend starting with the Best Wallet app, available for both iOS and Android. Create and verify your account — Sign up using your email, Google, or Apple ID. To complete registration, you'll need to verify your identity with a government-issued ID and enable two-factor authentication (2FA) for added security. Fund your account — Deposit money into your account by linking a bank account or credit card or even using gift cards. Choose an option that best fits your lifestyle. Buy your first cryptocurrency — Use the app's marketplace or swap tool to purchase crypto by entering the ticker symbol — like BTC for Bitcoin or ETH for Ethereum — and follow the prompts to complete the transaction. Choose how to store your crypto — Decide whether you'll keep your crypto in the exchange, move it to a digital wallet (hot wallet), or store it offline (cold wallet) for extra protection. LEARN MORE Advertisement It's also critical for users to protect their crypto wallets by only connecting to verified pages. Users should never share their private wallet keys or seed phrases — the sequence of words used to access their crypto wallet. 'If anyone — especially someone claiming to be from the project — asks for your seed phrase, that's a major red flag,' Young said. Some experts suggest using an alternative wallet as a safeguard against potential fraud. 'The best advice is to look for projects evincing transparency, admin accountability, and engagement from project devs/managers,' added Peter C. Earle, senior economist at the American Institute for Economic Research. Advertisement For those interested in hunting for crypto airdrops, experts advise looking out for insider communities on social media platforms, including X, Discord and Telegram, or on specialized crypto sites that are set up to provide access for airdrops. Alec Strasmore, the founder of Epic Loot Labs, suggests that users study the 'tokenomics' of specific projects to get a sense of key details, such as how much supply of a given token is being given away in an airdrop. Community excitement and levels of engagement of public posts serve as a way to gauge whether certain projects may take off. 'General sentiment about the project also matters a lot because it determines how many people want to buy the token once its live,' Strasmore said. Blockchain startups will usually announce an airdrop online and detail any requirements to participate, such as having users follow a certain social media account or sign up to their website. Users provide their wallet address and receive a specific amount of coins, which varies from project to project. From there, they can buy, sell or hold the coins as they see fit. Look for wallets that are compatible with a wide array of blockchains and cryptocurrencies, have strong security settings and are non-custodial – meaning the user, not the platform, has control of their own private keys. Top options include Best Wallet, which distributed its own token $BEST via airdrop, as well as popular services like MetaMask, Exodus and Rabby. Leading exchanges like Kraken, Coinbase, and Binance occasionally support airdrops. Other sites like CoinMarketCap, Galxe and also curate airdrops. New York Post Approved Our pick — 60+ Chains. Total Control. Best Wallet The Best Wallet app puts security first with biometric logins, two-factor authentication, and full non-custodial control — so you hold your keys, not just your coins. With support for thousands of altcoins across 60+ blockchains, it pairs top-tier security with powerful, user-friendly tools — making it the safest, most innovative way to HODL, swap, and manage your crypto. Learn More 108M+ Users Worldwide Coinbase Coinbase is building a more inclusive financial future for over a billion people, enabling them to trade, stake, spend, and transfer crypto on a secure and trusted platform. It powers the on-chain economy with essential infrastructure, global access, and a commitment to fair, responsible innovation. Learn More 114.9% BTC Reserve Ratio Kraken Kraken takes crypto security seriously, with FIDO2-compliant Passkey logins, encrypted communications, and customizable API permissions that keep your account firmly in your control. With no phone-based recovery, time-locked global settings, and real-time threat monitoring, it's built to protect your assets at every layer. Learn More $232B Platform Assets Robinhood Robinhood Crypto offers a user-friendly platform for trading and transferring digital assets, including the ability to securely and easily send and receive crypto to and from external wallets. With its self-custody Robinhood Wallet, it manages crypto holdings across multiple blockchains, including Ethereum, Bitcoin, and Solana. Learn More 20% of Global Crypto Secured Ledger Ledger is a leading provider of secure hardware wallets, offering devices like the Ledger Nano X and Ledger Stax that protect private keys offline using industry-leading Secure Element chips and a proprietary operating system. Paired with the Ledger Live app, manage over 5,500 digital assets, including cryptocurrencies and NFTs. Learn More 100M+ Users & Growing lets you buy, sell and trade over 400 cryptocurrencies, including Bitcoin and Ethereum, with zero-fee USD deposits, wire, and Apple/Google Pay. With a user base exceeding 140 million, the platform gives advanced trading options, a self-custodial wallet through Onchain, and industry-leading security certifications. Learn More $53T+ in Transactions Uphold Uphold is a multi-asset trading platform that enables users to buy, sell, and swap over 360 cryptocurrencies, 27 fiat currencies, and four precious metals, all in a single step. With features like assisted self-custody via the Uphold Vault, staking rewards up to 16.8%, and real-time reserve transparency, it offers a secure and versatile experience for both beginners and seasoned investors. Learn More The New York Post may receive revenue from affiliate/advertising partnerships for sharing this content and/or if you click or make a purchase.
