Tether CEO Paolo Ardoino predicted that Tether will generate nearly $10 billion net profit this year and also clarified that at least half of the profit will go for investment purposes, especially in the US.
Tether is a popular stablecoin firm that is known for its $USDT stablecoin. The Tether leadership helps to maintain the value of $USDT to remain pegged at $1 value. Because of the first mover advantage, $USDT is the top-ranked stablecoin in the crypto space.
In a recent interview, Tether CEO Paolo Ardoino said that Tether is ready to complete 2024 with nearly more than $10 billion in profit.
Ardoino confirmed that Tether will allocate at least half of the net profit to investment only, and the majority of the investment portion will remain focussed on the US crypto Sector, as the situation for the crypto sector is now improving enough in the US jurisdiction.
It is worth it to know that Tether already secured $7.7 billion profit in the first 9 months of 2024 & this data is enough to back Tether’s CEO prediction.
Because of the rapid buy/sell of cryptocurrencies, the use of stablecoins surged rapidly. In this bull run, Tether added nearly $50 billion to the USDT market cap & now the total market cap of this stablecoin is $139.5 billion.
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A crypto entrepreneur tweeted that Tether is a Bitcoin company & that invests in Artificial intelligence (AI) technology, energy, & free speech platforms. Tether retweeted that tweet to show his support for Bitcoin.
It is worth it to know that in the past, Tether leadership confirmed that they would continuously buy Bitcoin with 15% of the net profit generated by Tether every month. Tether officially holds 82,454 BTC.
Just a few days ago, Tether invested $775 million in the free speech video-sharing platform Rumble.
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