Tether Expects to Make $10 Billion in Net Profit in 2024
The company has invested more than half of its net profit this year, according to the CEO
The company says it has agreed to invest $775 million in Rumble
The CEO of Tether Holdings Ltd., the world’s largest stablecoin issuer, Paolo Ardoino, said in an interview that the company is on track to close the year with a net profit of more than $10 billion.
As the value of bitcoin and a host of other cryptocurrencies have surged to new record highs, demand for the dollar-pegged stablecoin USDT has skyrocketed. The coin has added nearly $50 billion to its market cap this year, and is now worth more than $140 billion, according to CoinMarketCap data. A large portion of Tether's profits come from investing its reserves that back stablecoins, including USDT, in US Treasury bonds, gold, and other securities$BTC $BNB $XRP
