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.