As bitcoin and many other cryptocurrencies rallied to new all-time highs, demand for Tether's USDT stablecoin – pegged to the dollar – has skyrocketed.
Tether Holdings Ltd, the world’s largest stablecoin issuer, is expected to close the year with over US$10bil in net profits, according to CEO Paolo Ardoino.
The company’s earnings are largely driven by its strategy of investing the reserves backing stablecoins, such as USDT, in a variety of assets including US Treasuries, gold, and other securities. This year, Tether reportedly invested over half of its net profits.
Recently, the company announced a US$775mil investment in video-sharing network Rumble, with a primary commitment of US$250mil in cash and support for Rumble’s tender offer for up to 70 million shares at US$7.50 per share.
“Next year we plan to deploy at least half of the profits in investments” including in artificial intelligence (AI), Ardoino said.
“Our investment is just at the beginning.”
In the first quarter, Tether is planning to launch its own AI platform, enabling people to interact with AI using their cell phones, he said.
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