Tether, the issuer of the world's largest stablecoin, has acquired roughly 70% of Adecoagro, a Nasdaq-listed agribusiness operating more than 200,000 hectares across Argentina, Brazil, and Uruguay. The deal reached approximately $600 million in September 2025, following an initial $100 million stake purchased in 2024.
The farmland acquisition represents the latest addition to Tether's reserve strategy, which already includes billions in gold and Bitcoin holdings. Tether CEO Paolo Ardoino framed the acquisitions as part of a hedge against dollar debasement and systemic instability rather than a conventional investment. The company also plans to use the farmland's renewable energy to power Bitcoin mining operations.
Reserve Audit and Buffer Concerns
KPMG, one of the Big Four accounting firms, issued a clean unqualified audit opinion for Tether International, confirming that reserves exceeded liabilities by $6.8 billion at the end of 2025. However, Tether has not yet published the underlying audited statements.
Despite the positive audit, Tether's reserve buffer has faced recent pressure. A June 2026 attestation reviewed by BDO reported the buffer at $4.1 billion, representing a decline of roughly 40% in six months. The decrease was driven largely by unrealized losses on gold and Bitcoin holdings.
Liquidity and Risk Questions
Tether maintains substantial holdings in US Treasuries, with exposure standing at approximately $141 billion as of its first-quarter 2026 attestation. The combination of hard-asset hedges and farmland ownership raises questions about liquidity constraints, since farmland cannot be quickly liquidated if Tether requires immediate cash. Whether this diversification strategy ultimately strengthens or adds risk to Tether's position remains uncertain pending the release of KPMG's full audit report.
