Stablecoin Issuer Tether is reportedly promoting “governance changes” with its own board candidate for Juventus, an Italian-based football club where the company holds a 10.7% stake.
Tether's proposal to the football club's board of directors ahead of the November 7th shareholders meeting, which will donate roughly $129 million as part of Juventus' capital growth, according to a Reuters report on Monday. According to CEO Paolo Ardoino, the Stablecoin issuer first invested in Juventus in February, increasing its shares by more than 10% in April as part of its “commitment to innovation and long-term collaboration.”
https://www.youtube.com/watch?v=ziirhv3cbog
The football club's board of directors has not been used to the controversy for the past few years. All members resigned in November 2022 amid allegations of financial fraud, including the pay of players. Former Juventus Committee Chairman Andrea Agneli and two other Juventus executives accepted a plea bargain with Italian authorities in September and handed down a ruling.
Tether's reported board candidates mark the 11th anniversary of the launch of its Stablecoin, USDT (USDT). Tether continues to be the largest stubcoin with a market capitalization of over $177 billion, but recently the Louvre-backed stubcoin A7A5 coin awarded in the largest unUSD with a market capitalization of $500 million.
Related: Tether is investing in Juventus Football Club
Cointelegraph contacted Tether for comment but did not receive a response at the time of publication.
Stablecoin publishers partner with a variety of non-crypto ventures
In addition to Juventus' investment, Tether acquired a 30% stake in Italian media company Be Water in May. Ardoino said at the time that the move was part of recognizing “the importance of independent media in shaping an informed society.”
The CEO appears to be developing close ties with the White House under US President Donald Trump.
Tether also announced a $775 million investment in the video sharing platform Rumble last December. In August, the two companies proposed jointly acquire all stakes in Northern Data in AI and high-performance computing. This is worth over $1 billion.
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