Tether logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Crypto giant Tether has appointed Benjamin Habbel as its chief business officer, the company said on Wednesday, as it looks to broaden its investments beyond digital assets.
Habbel, who served as CEO of private equity firm Limestone Capital and held senior roles at Google, will oversee Tether's growth strategy, finance, investment and portfolio expansion.
The company said he will also work with its existing portfolio, which spans sectors including artificial intelligence, telecommunications, bitcoin mining and energy, cloud computing and real estate.
El Salvador-based firm's USDT stablecoin, which is pegged to the U.S. dollar, has a market capitalization of about $173 billion, according to data from CoinGecko.
Last year, Tether invested $200 million in Blackrock Neurotech, taking a majority stake in the U.S. brain implant company.
"Tether isn't just a stablecoin company — it's The Stable Company," Chief Executive Paolo Ardoino said in a statement, adding that Habbel's appointment would help accelerate the firm's evolution into technology and financial services.
The move comes as Tether seeks to expand in the United States, where crypto firms have gained from President Donald Trump's supportive stance on the sector and the rollout of a U.S.-focused stablecoin, USAT.
Tether has cemented its role as the leading stablecoin issuer, providing tokens tied to traditional currencies to reduce volatility and hold a steady value backed by reserves.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Alan Barona)
