Tether Targets $10 Billion Net Profit in 2024

Tether Holdings, the world’s largest stablecoin issuer, expects to post a net profit of more than $10 billion by the end of 2024.

Demand for the dollar-pegged Tether USDT has surged, pushing its market cap above $140 billion.

Ardoino said Tether has reinvested more than half of its net profit this year. The company announced on Friday it was investing $775 million in video-sharing network Rumble, including a $250 million cash commitment, and backing Rumble’s offer to acquire up to 70 million shares at $7.50 per share.