Much of Tether’s earnings come from investing its reserves backing stablecoins, including USDT, into US Treasuries, gold and other securities.
The world’s biggest stablecoin issuer, Tether Holdings, is on track to close the year with more than US$10 billion ($13.6 billion) in net profits, CEO Paolo Ardoino said in an interview.
As Bitcoin and many other cryptocurrencies rallied to new all-time highs, demand for Tether’s USDT stablecoin — pegged to the dollar — has skyrocketed. The token added nearly US$50 billion to its market capitalisation this year, and it now stands at more than US$140 billion, according to data tracker CoinMarketCap.
