How Crypto Giant Tether's New CEO Is Remaking The Company For The Apocalypse [Forbes]
Coinbase Global, Inc. - Class A (COIN)
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Source: Forbes
Now it's restructuring, moving into bitcoin mining, AI and education. W hile much of the crypto world crashed and burned during the recent market downturn, reeling from the collapse of FTX and other giants, Tether has thrived. The market capitalization of its stablecoin, USDT, ballooned to $111 billion—triple that of its nearest rival, USDC, issued by Boston-based Circle. Thanks to higher interest rates on U.S. Treasurys, which form the bulk of the backing its digital stablecoins, Tether is in an enviable position because its source of capital is effectively free. Unlike traditional banks, customers who deposit hard currency with Tether in exchange for the tokens earn no interest. For the first quarter of 2024 alone, Tether unaudited company-wide “financial results” of $4.5 billion and a net equity of $11.4 billion. In 2023 it reported a net profit of $6.2 billion, likely making it the most profitable company in crypto today. Coinbase, the largest U.S. crypto exchange, earned $
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