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Cryptopolitan 2025-01-17 04:35:13

Tether CEO sets eyes on US Expansion expecting a boom in profit

Tether Holdings Ltd. is expanding in the United States after making record profits in 2024 and amid expectations of a more crypto-friendly environment under the new president, Donald Trump. According to a Bloomberg report , Tether invested $775 million into the American video-sharing platform Rumble Inc. Tether CEO Paolo Ardoino sees it as “a great opportunity to start looking at the US environment and how it will change.” However, he remains cautious while waiting and seeing what new laws look like before moving forward. US government bonds dominate USDT’s reserves. Therefore, Tether’s profits have also increased thanks to the combination of higher interest rates and a crypto rebound. Moreover, Cantor Fitzgerald LP manages Tether’s Treasury holdings, and its CEO, Howard Lutnick, has been named to Trump’s next administration. Tether also has an unstable history in the US The company paid $41 million to settle allegations that it misrepresented its reserves in 2021 without admitting or denying the misrepresentation3. Still, The Wall Street Journal reported a possible investigation into the company in New York for violating sanctions and anti-money laundering rules. However, Ardoino said the company is unaware of such an inquiry and denied its legitimacy. It’s become one of the top crypto spenders on lobbying in the US, having hired former PayPal executive Jesse Spiro to lead government relations. The company may beat its earlier profit guide of $10 billion in 2024 by “quite a bit more,” according to Ardoino, with the rising value of Bitcoin held in its portfolio as another factor driving the position. Tether will finalize the global headquarters in El Salvador Ardoino also shared Tether is finalizing its global headquarters in El Salvador. There, it will move the entire corporate structure of its parent company, iFinex Inc. This includes hiring dozens of employees, which Ardoino said will expand into the hundreds. Also, the company has chosen to build a skyscraper in the San Salvador area, which is dubbed the Tether Tower. As the company settles down roots in El Salvador, some staff members are “planning to relocate there and bring their families.” The expansion is serious, and with its new offices and growing team in the country, Ardoino said, “Definitely it’s going to be our headquarters, so we need to have people there.” From Zero to Web3 Pro: Your 90-Day Career Launch Plan

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