The post Tether Set to Hit $15B Profit, Eyes USAT Stablecoin Launch in December appeared first on Coinpedia Fintech News
Tether, the company behind the world’s largest stablecoin USDT, is seeing rapid growth and attracting significant investor interest. With profits soaring and investors knocking at its door, CEO Paolo Ardoino is hinting at exciting plans ahead.
Here’s a look.
Tether’s Profits Near $15 Billion
According to a report from Bloomberg, Tether is on track to make nearly $15 billion in profit this year, up from $13 billion last year. “This year we’re going to approach another $15 billion profit. That’s very rare,” Ardoino said.
The stablecoin issuer is also in talks to raise up to $20 billion for a 3% stake, which would value the company at around $500 billion. Ardoino says the company has been approached by “an enormous number” of firms looking to invest. However, “We have to draw a line in the sand on a valuation that we think is very cheap,” he said.
He also highlighted the company’s staggering profitability, noting its 99% profit margin, and said that it is unmatched by any other company in the world.
Tether Targets U.S. with Stablecoin USAT
Meanwhile, the stablecoin giant is also gearing up to expand its reach in the U.S. with a new stablecoin called USAT, aiming to serve up to 100 million American users and will comply with federal regulations under the GENIUS Act.
It is scheduled to launch this December and will be issued by Tether America, a joint venture between Tether and Anchorage Digital.
A major part of Tether’s plan to roll out USAT involves Rumble (RUM), the video-sharing platform Tether invested $775 million in last year, and its upcoming crypto wallet. The company also plans to invest in two to three more platforms, likely social media or content sites, to grow its user base to 100 million.
Its goal is to create a professional, digital payment system for the U.S., capable of competing with PayPal, while leveraging Tether’s existing audience.
Dual Role of USDT, USAT
Ardoino explained the dual role of USDT and USAT. He highlighted that USDT serves as the digital dollar for emerging markets, reaching nearly 500 million people across Africa, Latin America, and Southeast Asia, and providing financial access to the unbanked and underserved.
USAT, on the other hand, is for the U.S. market, compliant with domestic regulations, and aimed at expanding financial services to underserved American communities.
Tether recently hit 500 million users for the first time. Ardoino called it “likely the biggest financial inclusion achievement in history,” highlighting the scale of the milestone.
With about $183 billion USDT in circulation, Tether controls nearly 60% of the stablecoin market.