Tether Holdings Ltd., the leading stablecoin issuer, is capturing global capital attention with its remarkable profitability and market dominance. The issuer of the world's largest stablecoin, USDT, anticipates profits nearing $15 billion this year while negotiating a financing round that could elevate its valuation to $500 billion, potentially placing it among the world’s most valuable private companies.

Tether CEO Paolo Ardoino revealed the near $15 billion annual profit forecast during an interview at the Plan B Forum in Lugano, Switzerland. This figure stems from an extraordinary profit margin of 99% driven by substantial returns on reserve assets in a high-interest-rate environment.

According to reports, the company recently announced its "real users" exceed 500 million, corresponding to approximately 6.25% of the global population.

At the same time, Tether is involved in financing discussions that could reshape its market position. Reports last month indicated the company is seeking to raise up to $20 billion for roughly 3% equity. If successful, this would value Tether at around $500 billion, surpassing ByteDance and matching OpenAI, thereby positioning Tether among the top global unicorns. These developments underscore the immense commercial value of stablecoin issuers, which operate as de facto "shadow banks" in the current high-interest-rate era.

Tether’s extraordinary profitability is mainly derived from its unique business model. As a stablecoin, USDT is designed to maintain a 1:1 peg with the US dollar, backed by a substantial reserve asset portfolio primarily consisting of cash and short-term US treasuries. In the high-interest-rate environment, these reserve assets generate considerable interest income. Ardoino stated in the interview:

"Our profits will again be close to $15 billion this year. This is very rare."

Last year, benefiting from high interest rates, Tether recorded profits of about $13 billion. Ardoino added:

"We have a 99% profit margin, which no other company in the world can achieve."

According to DefiLlama, the circulating USDT is valued at approximately $183 billion, commanding about 60% of the stablecoin market. However, it is noteworthy that Tether has not disclosed whether its cited financial data complies with the reporting standards required for public companies.

Despite its robust profitability, Tether hasn't lacked interest from external investors. Ardoino admitted that the company has received numerous investment interests, leading them to "draw a line at what we consider a very cheap valuation."

According to earlier reports, heavyweight participants in the financing discussions include notable investors like SoftBank Group and Ark Investment Management. The endorsement from these investment giants could aid Tether in promoting broader mainstream applications in the tech and finance sectors.

When asked what type of investors they hope to attract, Ardoino responded:

"There are many funds and tech funds with portfolios containing various companies that can utilize some of our technologies and other products. It's about creating synergies and larger impacts."

In addition to its impressive financials, Tether’s user base and business footprint are also expanding rapidly. The company recently announced its "real users" have surpassed 500 million, emphasizing its extensive global influence.

In terms of business expansion, Tether has plans to re-enter the U.S. market later this year with a new stablecoin project named USAT, leveraging opportunities from the increasingly friendly cryptocurrency policies under President Trump.

Moreover, the company's portfolio is diversifying rapidly, including a high-profile investment in the Italian football club Juventus. As of this month, Tether holds an 11.5% stake in the club and has submitted two board candidates for the next month’s shareholders meeting. Ardoino stated:

"We want to give fans a representative on the board for the first time."

However, Tether expressed earlier dissatisfaction with the communication between the club and its major stakeholder, Exor NV, the investment company of the Italian Agnelli family. Although Ardoino has personally shown interest in acquiring the club, he clarified there are no current plans for that.