Tether Sees $10 Billion in Net Profits for 2024
- It invested more than half of net profit this year, CEO says
- Company says it agreed to invest $775 million in Rumble
This article is for subscribers only.
The world’s biggest stablecoin issuer, Tether Holdings Ltd., is on track to close the year with more than $10 billion in net profits, Chief Executive Officer Paolo Ardoino said in an interview.
As Bitcoin and many other cryptocurrencies rallied to new all-time highs, demand for Tether’s USDT stablecoin — pegged to the dollar — has skyrocketed. The token added nearly $50 billion to its market capitalization this year, and it now stands at more than $140 billion, according to data tracker CoinMarketCap. Much of Tether’s earnings come from investing its reserves backing stablecoins, including USDT, into US Treasuries, gold and other securities.