Tether is demonstrating impressive financial results. According to CEO Paolo Ardoino, the company is on the verge of a historic achievement – its expected net profit for 2024 will exceed $10 billion.
The company's success is closely tied to the overall surge in the cryptocurrency market, where Bitcoin and other digital assets have reached new all-time highs. USDT stablecoin, Tether's primary product pegged to the US dollar, has shown substantial growth: its market capitalization increased by $50 billion, reaching an impressive mark of $140 billion. The company's main source of income has been prudent investment of reserves in secure assets – US Treasury bonds, gold, and other securities.
Tether is actively developing its investment strategy, directing more than half of its net profit into promising projects. A notable example is the recent agreement to invest $775 million in the video platform Rumble, including an initial investment of $250 million and support for a tender offer to purchase 70 million shares at $7.50 per share.
The company isn't resting on its laurels and is building ambitious plans for the future. Ardoino confirmed the intention to invest at least half of 2024's profits in various sectors, including artificial intelligence, Bitcoin mining, and biotechnology. Of particular note is the announcement of their own AI platform, scheduled to launch in the first quarter of next year.
Tether's strategic plans include expanding its presence in the US market, especially in light of expected easing of cryptocurrency regulations under the new administration. An important factor is the collaboration with Cantor Fitzgerald, led by Howard Lutnick, a candidate for Secretary of Commerce. Deepening partnership relations between the companies may lead to the launch of new financial products, including lending programs.
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