Paolo Ardoino, CTO of Tether, has said that the high profitability of the stablecoin Tether issuing company has enabled them to develop new business areas.
In the first quarter, the firm earned $1.48 billion, twice that of the last quarter.
He has emphasized that they are hoping to expand to becoming an end-to-end technology provider in areas such as energy, data exchange and financial infrastructure over the next 6-12 and possibly 48 months.
At the moment, Tether’s total market capitalization has approached its all-time high of $83.21 billion and is significantly larger than its main competitor, USD Coin, from the Circle consortium.
In May, the USDT issuer also announced a regular allotment of up to 15% of profits for Bitcoin purchases.