This year's profit is expected to be 15 billion USD, with a profit margin as high as 99%, over 500 million users, and a valuation of 500 billion USD! "Stablecoin leader" Tether is "riding high."

Stablecoin giant Tether Holdings Ltd. is attracting global capital attention with its astonishing profitability and market dominance. The issuer of the world's largest stablecoin, USDT, is expected to report profits nearing $15 billion this year while negotiating a funding round that could value it at $500 billion, potentially placing it among the world's most valuable private companies.

Tether CEO Paolo Ardoino disclosed this nearly $15 billion annual profit expectation during an interview at the Plan B forum held in Lugano, Switzerland. Behind this figure is an astonishing profit margin of up to 99%, along with substantial returns on reserve assets driven by the high-interest rate environment.

According to Wall Street News, the company recently stated that its "real users" have exceeded 500 million, which corresponds to about 6.25% of the global population.

Meanwhile, Tether is in negotiations for funding that could reshape its market position. According to media reports last month, the company is discussing raising up to $20 billion for approximately 3% equity. If the deal is completed, its valuation would reach about $500 billion, surpassing ByteDance and matching OpenAI, pushing Tether into the ranks of the world's top unicorn companies. This series of dynamics highlights the immense commercial value of stablecoin issuers as de facto "shadow banks" in the high-interest rate era.

Profit Margin Reaches 99%, Tether's Profitability is "Rare in the World"

Tether's astonishing profitability primarily stems from its unique business model. As a stablecoin, USDT aims to maintain a 1:1 peg with the US dollar, supported by a large reserve asset portfolio mainly consisting of cash and short-term US Treasury bonds. In a high-interest rate environment, these reserve assets generate substantial interest income. Paolo Ardoino stated in the interview:

“This year our profits will again approach $15 billion. This is very rare.”

Last year, thanks to high interest rates, Tether achieved profits of about $13 billion. Ardoino added:

“We have a 99% profit margin, and no other company in the world can achieve that.”

According to DefiLlama, the circulating USDT in the market is currently valued at approximately $183 billion, accounting for about 60% of the entire stablecoin market. However, it is worth noting that Tether has not disclosed whether the financial data it cites complies with the reporting standards that public companies must adhere to.

Massive Financing in Progress, $500 Billion Valuation Matches OpenAI

Despite its substantial profits, Tether does not lack interest from external investors. Paolo Ardoino admitted that the company has received a large number of investment intentions from companies, to the extent that "we have to draw a line at what we consider a very cheap valuation."

According to earlier media reports, heavyweight investors such as SoftBank Group and Ark Investment Management are among those participating in this round of financing discussions. The endorsement from these investment giants may help Tether promote broader mainstream applications in the technology and financial sectors.

When asked what type of investors they hope to attract, Ardoino stated:

"There are many funds and tech funds that have many companies in their portfolios that can use some of our technologies and other products. This is about synergy and creating a greater impact."

User Base Exceeds 500 Million, Tether's Territory Continues to Expand

In addition to impressive financial data, Tether's user base and business territory are also rapidly expanding. According to Wall Street Journal reports, the company recently stated that its "real users" have exceeded 500 million, a figure equivalent to about 6.25% of the global population, highlighting its extensive global influence.

In terms of business expansion, Tether has plans to return to the U.S. market later this year through a new stablecoin project called USAT, aiming to seize the opportunities brought by President Trump's friendly policies towards cryptocurrencies.

Moreover, the company's investment portfolio is also rapidly diversifying, including a high-profile investment in the Italian football club Juventus. As of this month, Tether holds 11.5% of the club's shares and has submitted two board candidate nominations for the club's upcoming shareholders' meeting. Paolo Ardoino stated:

"We want to give fans a representative on the board for the first time."

However, Tether expressed dissatisfaction in June regarding the lack of communication between the club and its major shareholder, the Italian Agnelli family's investment company Exor NV. Although Ardoino personally expressed interest in acquiring the club, he made it clear that there are currently no such plans