Creating a strong foothold in the stablecoin market, Tether USDT/USD is now looking to enter the Bitcoin mining space with a significant investment.

In the past year, Tether’s market cap has grown by 32.7%, reflecting its prominent presence in the cryptocurrency market.

What Happened: Tether’s incoming CEO Paolo Ardoino announced plans to spend almost $500 million over the upcoming six months to expand into the Bitcoin mining industry, Bloomberg reported. It plans to build mining facilities or acquire stakes in other companies.

Tether announced a $610 million credit facility to Bitcoin mining company, Northern Data AG in November after it had acquired shares in the firm in September.