Tether, the El Salvador-based issuer of the largest stablecoin by market capitalization, is looking to post a massive $15 billion in profit this year.
The leading stablecoin issuer declared its year-to-date profit expectations on Friday, October 24, sparking discussions across the crypto community.
Tether sets ‘insane’ target following 99% profit margin
The jaw-dropping profit target positions Tether as a leading force in both the traditional finance and digital asset sectors. Amid the broad crypto market buzz, ETF analyst Nate Geraci has shown surprising reactions, calling the numbers “insane.”
Furthermore, Geraci noted that Tether is operating with a 99% profit margin and has about $183 billion USDT in circulation. Hence, the targeted YTD returns appear realistic considering Tether’s impressive performance over the year.
Tether CEO Paolo Ardoino issued comments disclosing the drive behind the eye-catching profit target. Ardoino revealed that a large number of companies have approached Tether with offers to buy in.
Some of the companies it is already in talks with include SoftBank Group and Ark Investment Management — two names that could bring powerful mainstream partnerships to the crypto giant. With these discussions, Tether is looking to raise up to $20 billion for a 3% equity stake.
Tether hits 500 million users milestone
As Tether continues to achieve significant milestones in recent months, it has also garnered increasing interest from investors worldwide.
Just a few days ago, the Tether boss revealed that the firm has surpassed a massive 500 million users worldwide — a milestone tagged as the biggest financial inclusion achievement in history.
With these impressive achievements, it appears that Tether has set a realistic target, one it may ultimately surpass by the end of the year.
Furthermore, one of its major achievements is the recent launch of a highly regulated U.S.-based stablecoin, which will be spearheaded by former White House official Bo Hines, driving more attention to the leading cryptocurrency USDT.
