Tether Acquires Majority Stake in Nasdaq-Listed VCI Global After $100M OOBIT Deal

Tether has solidified its position in the digital asset sector by becoming the largest shareholder of VCI Global, a technology consulting firm listed on Nasdaq, following a $100 million deal related to OOBIT's native token.

Key Takeaways

Tether has secured a majority stake in VCI Global through a $100 million transaction linked to OOBIT's token.
VCI Global aims to expand its role in the digital asset sector by integrating OOBIT’s token into its various platforms.
OOBIT is transitioning to the Solana blockchain and expects the rebranding to conclude by November 12.
Tether's strategic investments have broadened its influence outside of the stablecoin market, which includes its flagship product, USDT, valued at $183 billion.

Tether secures majority stake in Nasdaq-listed VCI Global following $100M OOBIT deal.

Tether Takes a Major Step in Digital Assets

Tether, the issuer of the popular stablecoin USDT, has emerged as the most significant shareholder of VCI Global, a Nasdaq-listed firm specializing in technology consulting services. This milestone follows a substantial $100 million digital asset transaction involving OOBIT’s native token, OOB.

As part of the deal, Tether will acquire shares in VCI Global through a $50 million restricted share issuance intended for the OOB Foundation. Tether's ownership will be indirect via its existing stake in OOBIT, thereby integrating its interests with VCI Global.

VCI Global's Ambitious Plan

VCI Global is a versatile technology platform developer and aims to establish itself as a significant contender in the digital asset landscape. It plans to incorporate OOBIT's token utility into its offerings, which span artificial intelligence, financial technology, and data sovereignty.

OOBIT: A Rising Crypto Payments Platform

OOBIT is a mobile crypto payments platform that enjoys backing from prominent investors, including Tether, CMCC Global, and Anatoly Yakovenko, co-founder of Solana. Tether led OOBIT’s Series A funding round, raising $25 million in February 2024.

Through the recent share issuance, VCI Global has already purchased $50 million worth of OOB tokens. In addition, it intends to buy another $50 million in tokens once OOB is publicly launched.

Migration and Rebranding Plans

OOBIT is currently in the process of rebranding its token and transitioning it from the Ethereum blockchain to Solana. The official migration is projected to complete by November 12.

OOBIT migration announcement.
OOBIT migration announcement | Source: OOBIT on X

Tether’s Strategic Investments

With Tether already holding a substantial stake in OOBIT, this new deal positions the company as the largest shareholder of VCI Global. Tether has consistently utilized strategic investments to enhance its presence beyond the stablecoin sector. With USDT commanding a major market segment, worth $183 billion, Tether is exploring various investment avenues.

In another recent move, Rumble, a video platform supported by Tether, expressed intentions to acquire Northern Data, a German data center operator. This company also counts Tether among its prominent investors. Earlier this year, Tether bought a minority stake in Bit2Me, a leading digital asset platform in Spain, and invested in the Zengo wallet to promote global adoption of self-custody and stablecoin payments.

Tether's Financial Growth

Tether's investment strategy seems to be yielding positive results, as the company reported over $10 billion in profits year-to-date. With significant exposure to U.S. Treasuries totalizing $135 billion, Tether has positioned itself as a top 20 global holder of U.S. debt, surpassing several sovereign holders, including South Korea.