Tether CEO: Tether's net profit is expected to exceed $10 billion in 2024

Paolo Ardoino, CEO of stablecoin issuer Tether Holdings Ltd., said in an interview that the company is on track to make a net profit of more than $10 billion by the end of the year.
Demand for the dollar-pegged Tether USDT stablecoin has also risen sharply as bitcoin and many other cryptocurrencies have rallied to record highs. The token has added nearly $50 billion to its market cap this year and is now more than $140 billion, according to data tracker CoinMarketCap. Much of Tether's earnings come from investing the reserves backing stablecoins, including USDT, in U.S. Treasuries, gold and other securities.