Flush With Cash, Tether Has Got Microsoft, Google, and Amazon in Its Crosshairs

Paolo Ardoino , the new CEO of crypto company Tether , is grappling with a difficult but enviable problem: How best to spend billions of dollars .

Tether recently reported $5.2 billion in profit for the first half of 2024 , from a $118.5 billion reserve.

The majority of its revenue comes from its stablecoin, USDT , which is pegged to a dollar valuation by a basket of cash and other assets.

Tether has not sought a license to operate in the EU under the Markets in Crypto-Assets (MiCA) regime.

MiCA imposes a limit on the daily issuance and transaction volume of non-Euro -based stablecoins, like USDT .

The idea is to prevent US dollar-denominated stablecoins from displacing the Euro .

Tether has created a digital dollar that allows people to have checking and savings accounts, so stablecoins could be considered a threat to the banking industry.

Even the stablecoin portrayed as the most regulated in the world [ USDC ] doesn’t have an audit.

In 2022 a short attack on Tether tried to cause a bank run, and we processed more than $20 billion of redemptions in 20 days .