Tether (USDT) Shares Its 2024 Profit!

Tether, the world's largest stablecoin issuer, is preparing to close the year 2024 with a net profit of over $10 billion, according to CEO Paolo Ardoino.

Bitcoin and other cryptocurrencies have reached all-time highs this year, and there has been an increase in demand for Tether's USDT stablecoin pegged to the US dollar. According to CoinMarketCap, the market value of USDT has increased by approximately $50 billion in 2024, surpassing $140 billion.

The majority of Tether's income is obtained by investing their reserves, which support their stablecoins, in assets such as US Treasury bonds, gold, and other securities. Ardoino stated that more than half of this year's net profit has been reinvested in various initiatives.

Tether announced a $250 million cash investment in video sharing platform Rumble, as well as support for a buyout offer of up to 70 million shares at $7.50 each, totaling $775 million investment.

Ardoino also revealed Tether's plans for expansion towards artificial intelligence. The company is preparing to launch its own artificial intelligence platform in the first quarter of 2025, allowing users to interact with artificial intelligence through their mobile phones. Ardoino said, 'Next year, we plan to use at least half of the profit for investments, including artificial intelligence.'

Tether also explores additional investments in the United States with the expectation of a more favorable regulatory environment under the administration of President Donald Trump. Ardoino noted that Tether has strengthened its ties with Howard Lutnick, the nominee for Secretary of Commerce and President of Cantor Fitzgerald. It is reported that Cantor Fitzgerald, which holds shares in Tether and serves as a custodian for its reserves, is discussing a lending program and other financial collaborations.