Tether, the issuer of the world’s largest stablecoin, spent $600 million taking majority control of Adecoagro, a Nasdaq-listed South American farming conglomerate operating over 200,000 hectares across Argentina, Brazil, and Uruguay. The deal fits into a reserve strategy already backed by billions in gold and Bitcoin, which Tether frames as a hedge against dollar debasement and inflation. A first full audit by KPMG confirmed reserves exceeded liabilities by $6.8 billion at the end of 2025. However, the June quarterly attestation shows that buffer fell by roughly 40% in six months to $4.1 billion, driven mainly by unrealized losses on gold and Bitcoin — the very assets meant to protect the balance sheet.
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