Paolo Ardoino, CEO of Tether, the world’s largest stablecoin issuer, said in an interview that net profit is expected to exceed $10 billion in 2024. Tether has invested more than half of its net profit and will continue to do so next year. Tether also announced a $775 million investment in video sharing platform Rumble.

Tether’s net profit in 2024 will exceed 10 billion magnesium, half of which will be used for investment

According to Bloomberg, Paolo Ardoino, CEO of Tether, the world’s largest stablecoin issuer, said in an interview that net profit is expected to exceed US$10 billion by the end of this year.

As Bitcoin and many other cryptocurrencies have risen to all-time highs, demand for Tether’s dollar-pegged USDT stablecoin has surged. The token has added nearly $50 billion to its market value this year and now stands at over $140 billion, according to CoinMarketCap. Tether generates most of its revenue from investing its reserves backing the stablecoin in U.S. Treasuries, gold, and Bitcoin.

Ardoino said that this year, Tether has invested more than half of its net profits. And the same will be true next year.

[Our investment has just begun. Tether plans to launch its own artificial intelligence platform in the first quarter, allowing people to interact with AI using their mobile phones. 】

Tether announces investment in Rumble

Tether announced its investment in video sharing network platform Rumble last Friday. Tether will purchase 103,333,333 shares of Rumble Class A common stock at a price of US$7.50 per share, totaling US$775 million. Of this amount, $250 million will be used to support growth initiatives.

Rumble is an online video platform, web hosting and cloud services company headquartered in Toronto, Canada, with a US headquarters in Florida, USA. The company was founded in 2013 by Chris Pavlovski to provide an alternative to YouTube for independent films and small content creators.

Rumble has received investments from venture capitalists including Peter Thiel, Vivek Ramaswamy and Trump deputy JD Vance.

In December 2021, Trump Media & Technology Group (TMTG) announced a broad technology and cloud services agreement with Rumble, which will operate parts of the Truth Social platform.

As soon as the news came out, Rumble (stock code: RUM) stock price soared more than 50% in after-hours to $10.79.