Tether is on track to end 2024 with over $10 billion in net profits with the company investing more than half of it this year.
$10 Billion Net Profit for Tether in 2024
Tether, the largest stablecoin issuer in the world, is expected to end the year with net profits of over $10 billion, according to CEO Paolo Ardoino.
This year, the token’s market valuation increased by around $50 billion, bringing it to almost $140 billion. The majority of Tether’s profits are generated by investing its reserves in U.S. Treasuries, gold, and other securities in order to support stablecoins like USDT.
The demand for Tether’s USDT stablecoin which is pegged to the U.S. dollar has surged as bitcoin and other cryptocurrencies have reached unprecedented highs. A Dec. 2024 report by Tether showed that USDT had achieved a adoption significant milestone with 109 million wallets holding the largest stablecoin by market cap.
This year, Tether has invested over half of its net profits. The company recently announced a $775 million investment in video-sharing network Rumble along with investments in biotech, bitcoin miners, and other industries.
“Our investment is just at the beginning. Next year we plan to deploy at least half of the profits in investments including AI,” Ardoino said.
Tether is still considering investing in the U.S. because of the anticipated improvement in cryptocurrency legislation under President-elect Donald Trump. Tether’s reserves are held by Cantor Fitzerald which bought a share in the stablecoin issuer and is led by Howard Lutnick, Trump’s selection for Commerce Secretary.
#binance #wendy #bitcoin #tether $BTC
