Tether CEO: Company's Profits in 2024 to Reach Over $10 Billion
Tether CEO Paolo Ardoino has revealed that the company will reach over $10 billion in profit in 2024 and plans to invest heavily in AI and Bitcoin mining next year.
According to Bloomberg, Tether CEO Paolo Ardoino has revealed that the company is on track to close the year with more than $10 billion in net profits.
Tether is on track to close the year with more than $10 billion in net profits, CEO Paolo Ardoino said https://t.co/oKPPsdwNt3
— Bloomberg Crypto (@crypto) December 21, 2024
Specifically, Tether's main source of revenue comes from investments in reserve assets such as US government bonds, gold and stocks - assets used to guarantee the value of the stablecoin USDT issued by Tether.
In addition, the CEO also shared that Tether has invested more than half of its net profit in 2024 with many investments in projects and businesses that they consider to have potential, including Bitcoin mining company Northern Data (over 1 billion USD), medical services unit Blackrock Neuro (200 million USD), agricultural company Adecoagro (102 million USD) and most recently, online video sharing platform Rumble (775 million USD).
According to Paolo Ardoino, Tether will continue to increase investment in 2025, dedicating at least 50% of its net profit to new projects, focusing on AI, Bitcoin mining, biotechnology and advanced technology fields.
In addition, he also said that in the first quarter of 2025, Tether will also plan to launch its own AI platform, helping users interact with artificial intelligence on mobile phones.
2024 marks an impressive year for Tether, the stablecoin giant has "pocketed" a total of 7.7 billion USD in profits in just the first 3 quarters of the year with a reserve of up to 100 billion USD in bonds, more than 82,000 BTC and 48.3 tons of gold. Tether has risen to become one of the 18 largest investors in the world, surpassing powerful countries such as Germany, Australia and the UAE.
Not stopping there, Tether is gradually entering the traditional financial market to expand its business and diversify its revenue sources. CEO Paolo Ardoino even revealed plans to "pour" 5 billion USD into the commodities market by 2026, to provide loans and earn stable profits from interest rates.
The resounding success in 2024 has created momentum for Tether to expand into many new fields, affirming its position as a "boss" not only in the stablecoin field but also in the global financial market.
Despite many achievements in the past year, Tether has always faced concerns from the US government when most of Tether's reserves are being kept at Cantor Fitzgerald, a leading financial institution on Wall Street.
The relationship between Cantor Fitzgerald CEO Howard Lutnick and the US government, especially his role in Donald Trump's election campaign, has raised doubts about the possibility that the US government can put pressure on Tether through Cantor Fitzgerald. CEO Paolo Ardoino himself had to admit: "No matter where you keep T-bills, they are ultimately under the control of the Fed."
However, the strategic "handshake" between Tether and Cantor Fitzgerald has given this stablecoin giant a solid foundation. The backing from Cantor Fitzgerald, especially after the company actively negotiated to own a 5% stake in Tether over the past year, not only strengthens the strategic connection between the two parties but also creates a "shield" to protect Tether from future political turmoil.
