The largest stablecoin by market value, Tether, hopes to make a whopping $15 billion this year.
On Friday, October 24, the top stablecoin issuer released its earnings projections for the year, igniting debates among cryptocurrency enthusiasts, Bloomberg reported.
A $15 billion profit target
Tether is positioned as a major player in the traditional banking and digital asset industries because of its astounding profit aim. ETF expert Nate Geraci has responded unexpectedly to the widespread excitement around the cryptocurrency sector, describing the figures as “insane.”
Geraci added that Tether has over $183 billion USDT in circulation and operates with a 99% profit margin. Because of Tether’s strong year-to-date performance, the projected year-to-date returns seem reasonable.
Also Read: Tether Gold Market Cap Hits New All-Time High Of $2.2B As Gold-Backed Token Sees Rise in Demand
Paolo Ardoino, the CEO of Tether, revealed the motivation for the striking profit goal in remarks. Numerous businesses have approached Tether with offers to invest, according to Ardoino.
Milestones for Tether
Tether has attracted more attention from investors worldwide as it continues to reach noteworthy milestones in recent months. The CEO of Tether announced a few days ago that the company had crossed 500 million users globally, which is considered the largest financial inclusion accomplishment in history.
According to its CEO, Tether Holdings was expected to end 2024 with a remarkable net profit of more than $10 billion, as we previously reported last year. This impressive expansion coincides with a rebound in cryptocurrency markets.
Also, according to the CEO, Tether’s value might reach $2 trillion. Although the number may not accurately represent Tether’s actual market value, Ardoino uses the company’s profitability and operational effectiveness to support this audacious estimate.
A US-based stablecoin push
According to Paolo Ardoino, the company is preparing further investments to expand its U.S.-focused U.S. dollar stablecoin to 100 million American users.
According to Ardoino, the USAT token is scheduled to launch in December and was created especially for the U.S. market to adhere to federal rules established under the GENIUS Act’s criteria.
It is issued by Tether America, a partnership between Tether and Anchorage Digital, a licensed cryptocurrency bank in the United States.
Rumble (RUM), a video-sharing network in which Tether invested $775 million last year, and its planned cryptocurrency wallet, which is also expected to launch later this year, are important components for Tether’s distribution of its impending coin.
According to Ardoino, Rumble alone has 51 million monthly active users in the United States who may be interested in onboarding for USAT tokens.
With these outstanding accomplishments, Tether seems to have established a reasonable goal that it may eventually exceed by the end of the year.