Tether Expects Over $10 Billion Record Profit in 2024 Amid USDT Demand

by A1

4 hours ago

Tether, a major stablecoin issuer, expects to end 2024 with a record net profit due to rising demand for USDT.

Tether's Record Profit in 2024

Paolo Ardoino, CEO of Tether, anticipates the company’s net profit to exceed $10 billion, driven by USDT's market cap surge by $50 billion, reaching over $140 billion.

Strategic Investments by the Company

A large part of Tether's profits is reinvested in reserves including securities, gold, and other assets. The company recently invested $775 million in Rumble.

Tether announces a $775 million strategic investment in Rumble to support decentralized media platforms.Tether on Twitter

Future Plans and Technology Investments

In 2024, Tether plans to expand its investment portfolio into emerging technologies such as AI. The company plans to launch its AI platform in Q1 2025, and increase investments in Bitcoin mining and biotech while monitoring regulatory changes in the U.S.

Through successful strategic investments and favorable market conditions, Tether aims to solidify its position in the cryptocurrency market and continue advancing in new technologies.

Other news

Binance Alpha Reveals New Token Selection

Binance Alpha unveils a new set of tokens for pre-evaluation, emphasizing innovations in the listing process.

20 minutes ago

Crypto Giants Donate Millions to Trump’s Inauguration Sparks Debate on Motives

Ripple, Kraken, and Coinbase lead substantial donations to Trump's inauguration, raising questions about their intentions.

20 minutes ago

NFT Market Rises 33% to $302 Million: Pudgy Penguins Lead the Rally

The NFT market sees a 33% rise to $302 million, led by Pudgy Penguins with $53.9 million in sales.

21 minutes ago

NFT Project CyberKongz Receives Wells Notice from SEC Regarding ERC-20 Tokens

CyberKongz contests SEC stance on token integration and games after receiving Wells Notice.

21 minutes ago

XRP and DOGEN Poised for Major Changes in the Crypto Market

XRP and DOGEN draw attention amid potential growth and shifts in the crypto market.

23 minutes ago

Squid Game 2: Ethereum-Based Token for Fans and Investors

Squid Game 2 is an Ethereum-based token inspired by the hit series, offering financial opportunities for all.