From Infini’s deactivation of debit cards to traditional finance’s deployment of stablecoins: What is the ultimate solution for crypto payments?

Paolo Ardoino, CEO of Tether, the world's largest stablecoin issuer, in an interview with Anthony Pompliano, discussed Circle's hot IPO. Ardoino stated that Tether is not short of money and has no intention of going public through stock sales. Tether is also the world's most profitable "bank" per capita, with fewer than 100 global employees, each earning $130 million for the company in 2024.

Tether's Value Far Exceeds $500 Billion

With the recent IPO of Circle, the second-largest stablecoin issuer, driving up its market value, Tether CEO Paolo Ardoino said he is also happy to see this situation. Some estimate Tether's value at $500 billion, but he believes this is a conservative estimate. Tether has already achieved a net profit of $13 billion in 2024, with expectations of even higher profits in 2025. Moreover, Tether does not need to pay the massive distribution costs to Coinbase like Circle does, resulting in much higher profits.

(Tether's IPO Valuation Could Reach $500 Billion, Becoming the 19th Largest Global Company? CEO: It Might Be Too Conservative)

Tether Is Not Short of Money and Not Considering Going Public

Ardoino believes the main reason for going public is to obtain cheap capital, but Tether is not short of money. Tether has great projects, high ambitions, and the most professional and excellent staff in the industry. Most of Tether's income comes from secure assets like gold and Bitcoin, and it has a very strong investment department investing in new technologies such as biotechnology, artificial intelligence, telecommunications, and even land and agriculture. Tether does not need to obtain external capital.

Another reason for going public is for management to exit, but Tether has no such concerns. Ardoino said he is excited every day and feels the business has just begun, with the potential to build the world's greatest company. He also subtly criticized Circle's management for using the IPO to sell shares and obtain bonuses.

(US Executive Compensation Is Too Generous! Circle's Allaire Earns Millions Annually, with Additional Millions in Bonuses for Successful IPO)

Tether Is the World's Most Profitable "Bank" Per Capita, with Each Employee Earning $130 Million

BitMEX founder Arthur Hayes recently wrote about stablecoins, using 2023 data to prove that Tether is the world's most profitable "bank" per capita.

Hayes believes that unless your stablecoin is owned by a dedicated exchange, social media company, or traditional bank, the cost of issuing stablecoins can be very high. Bitfinex and Tether were founded by the same group. Bitfinex has millions of customers, so Tether has had millions of customers from the start. Tether does not need to pay issuance fees because part of USDT is owned by Bitfinex, and all Altcoins are traded in exchange for USDT.

According to the table provided by Arthur Hayes, Tether has about 100 employees (Ardoino described it as "dozens"), with each employee generating $61 million in revenue in 2023. Compared to JPMorgan Chase's $162,000 and Bank of America's $116,000, this is over 300 times higher, making it the world's most profitable "bank" per capita.

The estimated revenue for 2023 in the chart was only $6.1 billion. Using the 2024 figure of $13 billion, each employee could generate $130 million in revenue!

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