Tether, the issuer of a prominent stablecoin, is looking to propose board candidates and governance reforms for Juventus, a well-known Italian football club in which it holds a 10.7% stake. According to a report by Reuters published on Monday, Tether’s suggestions for the club’s board will arrive in time for a shareholder meeting set for November 7.

The company intends to infuse approximately $129 million into Juventus as part of a capital increase. Tether made its initial investment in February and further heightened its stake in April, reflecting a commitment to long-term collaboration and innovation, according to CEO Paolo Ardoino.

The Juventus board has faced its share of controversies recently, with all members having resigned in November 2022 following allegations of financial misconduct. Andrea Agnelli, the former board chair, along with two other executives, agreed to plea bargains with Italian regulators in September, which included suspended sentences.

These proposed candidates emerge on the 11th anniversary of Tether’s stablecoin, USDt. Currently, Tether leads the stablecoin market with a capitalization exceeding $177 billion, although a ruble-backed coin known as A7A5 has recently surpassed it to become the largest non-U.S. dollar-pegged stablecoin.

In addition to its investment in Juventus, Tether has also engaged in various ventures, such as acquiring a 30% stake in an Italian media company named Be Water, indicating a focus on supporting independent media as a pillar of informed societies.

Tether’s CEO is increasingly being viewed as fostering closer relationships with figures in the U.S. administration, particularly concerning legislation surrounding stablecoins.

This and other prospective investments reflect Tether’s broader strategy of establishing footholds in sectors beyond cryptocurrencies.