Bitwise Chief Investment Officer: Tether Poised to Surpass Saudi Aramco as the Most Profitable Company Ever

On September 30th, Matt Hougan, the Chief Investment Officer of Bitwise, pointed out in his latest research report that the leading stablecoin issuer Tether is expected to surpass Saudi Aramco's profit record in the future and become the most profitable company in history. Although there is market skepticism about Tether's pursuit of a $500 billion valuation, Hougan emphasized that when viewed in the context of the huge currency market that is accessible, this development trajectory seems reasonable. Earlier this year, Tether CEO Paolo Ardoino claimed that the global user base of USDT has exceeded 400 million and is growing at a rate of 35 million wallets per quarter. The company is focusing on business development in developing countries while strengthening the status of the dollar. According to Treasury statistics, by the end of the second quarter, Tether held $127 billion in U.S. Treasury bonds and ranked among the top 20 U.S. debt holders. Its size is comparable to that of sovereign nations such as the UAE and Germany and is second only to Saudi Arabia. Hougan pointed out that due to its dominant position in the adoption of stablecoins in non-Western countries, many emerging markets may shift from mainly using their national currency to using USDT. In this scenario, Tether's managed asset size is expected to grow to trillions of dollars. He estimated that at the current interest rate level, if managing $30 trillion in assets, its profit would surpass Saudi Aramco's $120 billion profit record in 2024. This company, with fewer than 200 employees, achieved approximately $13 billion in profit in 2024 and currently holds more than 100,000 BTC (worth $11.4 billion). In recent years, its capital deployment has expanded beyond the stablecoin category and it has actively invested in areas such as artificial intelligence, telecommunications, data centers, energy infrastructure, and Bitcoin mining. In addition, the company recently launched the U.S.-regulated new stablecoin USAT, aiming to serve U.S. users and complement USDT's global coverage network.