Tether (USDT) Shared Its Profit in 2024!

The world’s largest stablecoin issuer Tether, According to CEO Paolo Ardoino, it is preparing to close 2024 with a net profit of over 10 billion dollars.

Bitcoin and other cryptocurrencies While hitting all-time highs this year, Tether’s USDT stablecoin pegged to the US dollar has seen a surge in demand. According to CoinMarketCap, the market value of USDT will increase by approximately $50 billion to over $140 billion in 2024.

Tether generates the bulk of its income by investing the reserves that back its stablecoins in assets such as U.S. Treasury bonds, gold and other securities. Ardoino announced that more than half of this year’s net profit was reinvested in various initiatives.

Tether announced a $775 million investment in video-sharing platform Rumble, including a $250 million cash investment and support for a purchase offer of up to 70 million shares at $7.50 each.

Ardoino also revealed Tether’s plans to expand into artificial intelligence. The company is preparing to launch its own AI platform in the first quarter of 2025, allowing users to interact with AI through their mobile phones. “Next year, we plan to use at least half of the profits in investments, including artificial intelligence,” 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 stated that Howard Lutnick, Trump’s nominee for Secretary of Commerce and president of Cantor Fitzgerald, has strengthened his ties with Tether. Cantor Fitzgerald, which holds 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.