Tether May Overtake Saudi Aramco As World’s Most Profitable Company, Bitwise Says
Tether could overtake Saudi Aramco to become the world’s most profitable company, Bitwise Chief Investment Officer (CIO) Matt Hougan said.
Hougan argued in a memo that Tether’s dominance in non-western markets means those places may convert from primarily using their own currencies to using USDT. If that happens, it would translate into Tether managing trillions of dollars and capturing all the interest.
”In 2024, Saudi Aramco turned in the most profitable year in corporate history, earning $120 billion,” he said. ”At current interest rates, if Tether got to $3 trillion in assets—about 3% of the global money supply—it would top that, becoming the most profitable company in history.”
Tether has a market capitalization now of $174.7 billion. But it’s seeking to raise $15 billion to $20 billion in a fundraising that would value it at some $500 billion, putting it in the same ballpark as Sam Alton’s OpenAI and Elon Musk’s SpaceX.
Top stablecoins by market cap (Source: CoinMarketCap)
Stablecoin Market Is Booming
USDT is now the third-biggest digital asset in the crypto space, behind only Bitcoin (BTC) and Ethereum (ETH).
Tether CEO Paolo Ardoino said on X earlier this year that “USDt is the most successful tool for US Dollar hegemony and distribution across emerging markets.”
He added that the stablecoin helps more than 400 million people globally, with the company’s growth standing at around 35 million wallets per quarter.
And the stablecoin market has a strong wind at its back after passage in the US earlier this year of the GENIUS Act, which provides a legal framework for stablecoins in the country .
Tether Diversifies
The company isn’t relying solely on its stablecoin to generate profits. It invested $775 million into video-sharing platform Rumble at the start of the year, and $200 million into Blackrock Neurotech, which is a company focused on brain computer interfaces.
Tether also has significant holdings in Northern Data, a company that focuses on Bitcoin mining data centers.
The firm also backed Volcano Energy, an El Salvadoran geothermal energy project, with an estimated $200 million investment.
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