Tether, the world's largest stablecoin issuer, is expecting significant profits amid a booming crypto market.
Tether's Record Growth in 2024
According to CEO Paolo Ardoino, Tether is set to close 2024 with a net profit of over $10 billion. This growth is driven by increased demand for Tether's USDT stablecoin as cryptocurrencies like Bitcoin reach new highs this year.
Key Investment Areas
Tether generates much of its revenue by investing the reserves backing its stablecoins in assets like U.S. Treasury bonds, gold, and other securities. Ardoino said that more than half of the company's profit this year has been reinvested into various ventures. Recently, Tether announced a $775 million investment in video-sharing platform Rumble, including a $250 million cash injection and support for a takeover offer of up to 70 million shares at $7.50 each.
Future Plans
Tether is also planning expansion into artificial intelligence. The company aims to launch its own AI platform in the first quarter of 2025. In addition, Tether is considering additional investments in the United States, anticipating a more favorable regulatory environment under President Trump.
Tether continues to grow and invest in new technologies and areas, potentially impacting its future growth and financial outcomes.