Tether CEO Paolo Ardoino predicted that Tether will generate almost $10 billion in net profits this year and also clarified that at least half of the profits will go towards investment purposes, especially in the United States.
Tie is a popular stablecoin company known for its $USDT stablecoin. Tether’s leadership helps maintain the value of $USDT to remain pegged to the value of $1. Due to 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 set to complete 2024 with almost over $10 billion in profits.
Ardoino confirmed that Tether will allocate at least half of the net profits to investment only, and that most of the investment portion will remain focused on the US crypto sector, as the situation of the crypto sector is now improving enough in US jurisdiction.
It is worth knowing that Tether already made profits of $7.7 billion in the first 9 months of 2024 and this data is enough to support the prediction of Tether CEO.
Due to the rapid buying/selling of cryptocurrencies, the use of stablecoins increased rapidly. In this bull run, Tether added almost $50 billion to the market capitalization of USDT and now the total market capitalization of this stablecoin is $139.5 billion.
A crypto entrepreneur tweeted that Tether is a Bitcoin company and that it invests in artificial intelligence (AI) technology, energy and free speech platforms. Tether retweeted that tweet to show its support for Bitcoin.
It is worth knowing that in the past, Tether leaders confirmed that they would continuously purchase Bitcoin with 15% of the net profits generated by Tether each month. Tether officially holds 82,454 BTC.
Just a few days ago, Tether invested $775 million in free speech video sharing platform Rumble.
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