Not Just USDT: Tether Explores New Lines of Business

High profitability gives the issuer of the stablecoin Tether room to pursue new business directions, Paolo Ardoino, the company’s CTO, told The Block.

In the first quarter, the USDT-issuing firm earned $1.48 billion in net profit—twice as much as in the previous period.

The appeal of our plan for the foreseeable future is that we can start diversifying beyond offering a stablecoin and become a comprehensive technology provider,

Ardoino said during The Scoop podcast.

According to him, this will require additional expertise in a range of related technical fields.

Thus, energy, data exchange, and financial infrastructure will be key over the next six to twelve, and perhaps forty-eight months,” the executive stressed.

At the time of writing, USDT’s market capitalization reached $83.06 billion. The figure approached the historical high from 8 May 2022 — $83.21 billion (CoinMarketCap).

In terms of circulating supply, the Tether stablecoin has more than doubled the main competitor — USD Coin (USDC) from Circle.

In May, the issuer of USDT announced a regular allocation of up to 15% of profits for the purchase of Bitcoin.