Tether CEO Paolo Ardoino has revealed that the company is on track to achieve over $10 billion in profits in 2024, with plans to invest heavily in AI and Bitcoin mining in the coming year.
Tether CEO: The company's profits in 2024 will exceed $10 billion
According to information from Bloomberg, Tether CEO Paolo Ardoino has revealed that the company is on track to close the year with net profits of more than $10 billion.
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 revenue comes from investments in reserve assets such as U.S. government Bonds, gold, and securities - assets used to back the value of the USDT stablecoin issued by Tether.
In addition, the CEO also shared that Tether has invested more than half of its net profits in 2024 in various investment deals in projects and businesses they have evaluated as potential, including the Bitcoin mining company Northern Data (over $1 billion), the healthcare service provider Blackrock Neuro ($200 million), the agricultural company Adecoagro ($102 million), and the most recent investment in the online video platform Rumble ($775 million).
According to Paolo Ardoino, Tether will continue to increase its investments in 2025, allocating at least 50% of its net profits to new projects, focusing on AI, Bitcoin mining, biotechnology, and other advanced technology sectors.
In addition, he also mentioned that in Q1/2025, Tether will also plan to launch its own AI platform, allowing users to interact with artificial intelligence on their mobile devices.
2024 marked an impressive year of operations for Tether, the stablecoin giant that has "pocketed" a total of $7.7 billion in profits in the first 3 quarters of the year, with reserve assets reaching $100 billion in Bonds, over 82,000 BTC, and 48.3 tons of gold. Tether has risen to become one of the 18 largest bond investors in the world, surpassing even powerful countries like Germany, Australia, and the UAE.
Not stopping there, Tether is gradually entering the traditional finance market to expand its business activities and diversify its revenue sources. CEO Paolo Ardoino even revealed plans to "inject" $5 billion into the commodities market in 2026, to provide loans and generate stable profits from interest rates.
The resounding success in 2024 has paved the way for Tether to expand into many new fields, cementing its position as the "boss" not only in the stablecoin sector but also in the global financial market.
Despite its many achievements in the past year, Tether still faces concerns from the U.S. government, as a large portion of Tether's reserves are currently held in custody at Cantor Fitzgerald, a leading Wall Street financial institution.
The relationship between Cantor Fitzgerald CEO Howard Lutnick and the U.S. government, particularly his role in Donald Trump's election campaign, has raised concerns about the possibility of the U.S. government exerting pressure on Tether through Cantor Fitzgerald. CEO Paolo Ardoino himself had to admit: "No matter where you hold T-bills, they ultimately fall under the control of the Fed."
However, the strategic "handshake" between Tether and Cantor Fitzgerald has provided the stablecoin giant with a solid backing. The support from Cantor Fitzgerald, especially after the company actively negotiated to acquire a 5% stake in Tether last year, not only strengthens the strategic connection between the two parties but also creates a "shield" to protect Tether from future political turmoil.
Compiled by Coin68
