Bitwise Chief Investment Officer: Tether Poised to Surpass Saudi Aramco as the Most Profitable Company Ever

BlockBeats News, September 30th, Bitwise Chief Investment Officer Matt Hougan's latest research report points out that leading stablecoin issuer Tether is expected to surpass Saudi Aramco's profit record in the future and become the most profitable company in history. Despite market skepticism of Tether's pursuit of a $500 billion valuation, Hougan emphasizes that when viewed in the context of the vast currency market accessible, this development trajectory appears reasonable.

Tether CEO Paolo Ardoino claimed earlier this year that USDT's global user base has exceeded 400 million and is growing at a rate of 35 million wallets per quarter, focusing on business development in developing countries while strengthening the dollar's status. By the end of the second quarter, Tether held $127 billion in U.S. Treasury bonds, according to Treasury statistics, ranking among the top 20 U.S. debt holders, comparable in size to sovereign nations such as the UAE and Germany, second only to Saudi Arabia.

Hougan points out that with its dominant position in stablecoin adoption in non-Western countries, many emerging markets may shift from primarily using their national currency to using USDT. In this scenario, Tether's managed asset size is expected to grow to trillions of dollars. He estimates that at the current interest rate level, if managing $30 trillion in assets, its profit would surpass Saudi Aramco's $120 billion profit record in 2024.

This company, with fewer than 200 employees, achieved approximately $13 billion in profit in 2024, currently holding over 100,000 BTC (worth $11.4 billion). In recent years, its capital deployment has expanded beyond the stablecoin category, actively investing in artificial intelligence, telecommunications, data centers, energy infrastructure, and Bitcoin mining, among other areas. In addition, the company recently launched the U.S.-regulated new stablecoin USAT, aimed at serving U.S. users and complementing USDT's global coverage network.