Tether's net profit in 2024 exceeds 10 billion pounds, announcing an investment in the video platform Rumble.

Paolo Ardoino, CEO of Tether, the world's largest stablecoin issuer, said in an interview that the company's net profit is expected to exceed $10 billion in 2024. Tether has invested more than half of its net profit, and will continue to do so next year. Tether also announced an investment of $775 million in the video-sharing platform Rumble.

Tether's net profit will exceed 10 billion pounds in 2024, and half of it will be used for investment.

According to Bloomberg, Tether, the world's largest stablecoin issuer, CEO Paolo Ardoino said in an interview that the net profit is expected to exceed $10 billion by the end of this year.

With Bitcoin and many other cryptocurrencies reaching historic highs, there has been a surge in demand for Tether (USDT), a stablecoin pegged to the US dollar. According to CoinMarketCap data, the market capitalization of this token has increased by nearly $50 billion this year, surpassing $140 billion. Tether's revenue mostly comes from investing its backed stablecoin reserves in US Treasury bonds, gold, and Bitcoin.

Ardoino said that this year, Tether has invested more than half of its net profit into investments. And it will be the same next year.

Our investment has just begun, and Tether plans to launch its own artificial intelligence platform in the first quarter, allowing people to interact with AI using their mobile phones.

Tether announced investment in Rumble

Tether announced last Friday that it has invested in the video sharing platform Rumble. Tether will purchase 103,333,333 shares of Rumble Class A common stock at a price of $7.50 per share, totaling $775 million. $250 million of which will be used to support growth plans.

Rumble is an online video platform, web hosting, and cloud services company headquartered in Toronto, Canada, with a US headquarters in Florida. The company was founded by Chris Pavlovski in 2013 as an alternative platform for independent filmmakers and small content creators to YouTube.

Rumble received investment from venture capitalists such as Peter Thiel, Vivek Ramaswamy, and JD Vance, deputy to Trump.

In December 2021, Trump Media and Technology Group (TMTG) announced a broad technology and cloud services agreement with Rumble, with Rumble responsible for operating part of the Truth Social platform.

As soon as the news came out, the stock price of Rumble (stock code: RUM) soared more than 50% after hours to reach $10.79.

This article Tether's net profit in 2024 exceeds 10 billion pounds, announcing an investment in the video platform Rumble first appeared in Chain News ABMedia.