According to Odaily Planet Daily, Bitwise Chief Investment Officer Matt Hougan's latest research report indicates that leading stablecoin issuer Tether is expected to surpass Saudi Aramco's profit record in the future, becoming the most profitable company in history. While news of Tether seeking a $500 billion valuation has raised eyebrows, Hougan emphasized that this trajectory makes sense when viewed within the context of the vast currency market it can access.

Earlier this year, Tether CEO Paolo Ardoino announced that USDT users had surpassed 400 million globally, with the number of wallets growing at a rate of 35 million per quarter. Tether's business is focused on developing countries while strengthening the dollar's position. As of the second quarter, Tether held $127 billion in US Treasury bonds, making it one of the top 20 holders of US Treasury bonds, according to Treasury Department statistics. This is comparable to sovereign states like the UAE and Germany, and second only to Saudi Arabia.

Hougan noted that, given the overwhelming dominance of stablecoin adoption in non-Western countries, many emerging markets could shift from primarily using their own national currencies to using USDT. In this scenario, Tether's assets under management could grow to trillions of dollars. He calculated that, at current interest rates, if it managed $3 trillion in assets, its profits would surpass Saudi Aramco's record profit of $120 billion in 2024.

This company, with fewer than 200 employees, is projected to generate approximately $13 billion in profits by 2024 and currently holds over 100,000 BTC (valued at $11.4 billion). In recent years, its capital allocation has expanded beyond stablecoins, actively investing in sectors such as artificial intelligence, telecommunications, data centers, energy infrastructure, and Bitcoin mining. Furthermore, the company recently launched USAT, a new US-regulated USD stablecoin designed to serve US users and complement USDT's global reach.