Tether, the issuer of the world’s largest stablecoin USDT, is on track to close 2024 with a net profit of $10 billion, Bloomberg quotes the company CEO Paolo Ardoino.
Tether’s investments have shown that it is ready to invest hundreds of millions of dollars in projects other than cryptocurrency.
Video sharing platform and cloud services provider Rumble said last week it has entered into an agreement with Tether to receive a strategic investment of $775 million.
“I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth,” said Rumble CEO Chris Pavlovski.
“Legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative,” said Tether CEO Paolo Ardoino. “Beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.”
“Next year we plan to deploy at least half of the profits in investments” including in AI, Ardoino said. “Our investment is just at the beginning.” In the first quarter, Tether is planning to launch its own AI platform, making it possible for people to interact with artificial intelligence using their cell phones, Ardoino added.
In April 2024, Tether announced a significant reorganization and expansion strategy to broaden its influence in the other areas of digital assets. The company formed four divisions to reflect its broadening focus: Tether Data, Tether Finance, Tether Power, Tether Edu.
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