In line with Bloomberg, Tether CEO Paolo Ardoino introduced that the corporate expects to report web revenue of about $15 billion this yr.
Ardoino stated this determine was a unprecedented achievement for the corporate, with a revenue margin of 99%.
Whereas Tether continues to develop quickly by way of stablecoin issuance, investor curiosity can be rising. Bloomberg reported final month that the El Salvador-based firm was in talks to boost as much as $20 billion in alternate for a 3% stake.
If the deal goes by way of, Tether’s market capitalization would attain round $500 billion, making it one of many world’s most dear privately held corporations.
“This yr we are going to make about $15 billion, which could be very uncommon,” Ardoino stated on the Plan B Discussion board in Lugano, Switzerland.
Tether’s USDT is probably the most extensively used stablecoin on the earth. Stablecoins are cryptocurrencies which are sometimes pegged 1:1 to a standard foreign money, such because the US greenback. Tether’s reserves, which preserve this peg, consist primarily of money and U.S. Treasury payments. Due to excessive rates of interest, Tether made about $13 billion in income from these reserves final yr.
In line with DefiLlama information, USDT has a circulating worth of $183 billion, accounting for about 60% of the entire stablecoin market.
Ardoino stated the corporate doesn’t want exterior funding, however stated curiosity from main buyers can’t be ignored.
“We’ve been contacted by many corporations who need to spend money on us, however we have to set an affordable valuation line,” he stated.
Tether plans to re-enter the US later this yr and launch a brand new stablecoin venture known as USAT.
*This isn’t funding recommendation.
