Tether to Suggest Board Candidates for Juventus Soccer Membership: Report

Stablecoin issuer Tether will reportedly pitch its personal listing of board candidates and “governance adjustments” for Juventus, a soccer membership primarily based in Italy by which the corporate has a ten.7% stake.

In keeping with a Monday Reuters report, Tether’s solutions for the soccer membership’s board will come forward of a Nov. 7 shareholder assembly, and it’ll additionally contribute about $129 million as a part of a capital improve in Juventus. The stablecoin issuer initially invested in Juventus in February, rising its stake to greater than 10% in April as a part of a “dedication to innovation and long-term collaboration,” in response to CEO Paolo Ardoino.

The soccer membership’s board has been no stranger to controversy in previous years. Each member resigned in November 2022 amid allegations of monetary fraud involving gamers’ salaries. Former Juventus board Chair Andrea Agnelli and two different Juventus executives accepted plea offers with Italian authorities in September to serve suspended sentences. 

The reported board candidates from Tether got here on the eleventh anniversary of the launch of the corporate’s stablecoin, USDt (USDT). Tether stays the biggest stablecoin by market capitalization at greater than $177 billion, however a ruble-backed stablecoin, A7A5, just lately grew to become the biggest non-US dollar-pegged coin with a $500-million market cap. 

Associated: Tether invests in Juventus soccer membership

Cointelegraph reached out to Tether for remark however had not obtained a response on the time of publication.

Stablecoin issuer partnering with quite a lot of non-crypto ventures

Along with its Juventus funding, Tether acquired a 30% stake within the Italian media firm Be Water in Could. Ardoino stated that, on the time, the transfer was a part of recognizing the “significance of impartial media in shaping knowledgeable societies.”