Tether (USDT) Shares Its Profit Generated in 2024

Tether, the world's largest stablecoin issuer, is set to close 2024 with a net profit of over $10 billion, according to CEO Paolo Ardoino. As Bitcoin and other cryptocurrencies reach all-time highs this year, Tether’s USDT stablecoin, pegged to the U.S. dollar, has seen a surge in demand. The market value of USDT is set to increase by about $50 billion by 2024, reaching over $140 billion, according to CoinMarketCap. Tether generates the bulk of its revenue by investing the reserves that back its stablecoins in assets like U.S. Treasury bonds, gold and other securities. Ardoino said more than half of its net profit this year has been reinvested into various initiatives. Tether announced a $775 million investment in video-sharing platform Rumble, including a $250 million cash investment and support for a takeover offer of up to 70 million shares at $7.50 each. Related News: After Partial Recovery, Developers Unlock $243 Million Tokens In This Altcoin Ardoino also revealed Tether’s plans to expand into AI. The company is set to launch its own AI platform in the first quarter of 2025, allowing users to interact with AI via their mobile phones. “Next year, we plan to use at least half of the profits in investments, including AI,” Ardoino said. Tether is also exploring additional investments in the United States in anticipation of a more favorable regulatory environment under President-elect Donald Trump. Ardoino noted that Trump’s nominee for Secretary of Commerce and Cantor Fitzgerald chairman Howard Lutnick has strengthened ties to Tether. Cantor Fitzgerald, which owns a stake in Tether and serves as custodian for its reserves, is reportedly discussing a lending program and other financial collaborations. *This is not investment advice. Continue Reading: Tether (USDT) Shares Its Profit Generated in 2024