Tether May Eclipse Saudi Aramco as World’s Most Profitable Company, Says Bitwise CIO
Tether could turn into the world’s most worthwhile firm if the stablecoin issuer continues its explosive development trajectory, based on Bitwise Chief Investment Officer Matt Hougan.
In a September 29 investor memo, Hougan means that Tether may surpass even Saudi Aramco’s record-breaking $120 billion revenue from 2024, which is essentially the most profitable 12 months in company historical past.
Hougan’s evaluation hinges on Tether reaching $3 trillion in property, which might characterize roughly 3% of the worldwide cash provide.
“At present rates of interest, if Tether obtained to $3 trillion in property—about 3% of the worldwide cash provide—it will high that, changing into essentially the most worthwhile firm in historical past,” Hougan said.
Why Tether Could Become the World’s Most Profitable Company
The formidable valuation projections for Tether first caught Hougan’s consideration when information emerged that the stablecoin issuer was seeking to raise capital at a $500 billion valuation.
This would place Tether among the many world’s most useful startups, alongside synthetic intelligence pioneer OpenAI and aerospace producer SpaceX.
“OpenAI is working to create synthetic basic intelligence and SpaceX desires to place individuals on Mars. Tether mainly runs a digital cash market fund.”
However, Hougan argues that the comparability turns into much less far-fetched when contemplating Tether’s market positioning and development potential.
The stablecoin issuer commands nearly 100% of the stablecoin market in non-Western nations, giving it a dominant foothold in rising markets the place dollar-denominated digital currencies are more and more most popular over risky native currencies.
“There’s an opportunity that many rising market nations will convert from primarily utilizing their very own currencies to utilizing USDT,” Hougan famous.
If that occurs, Tether may find yourself managing trillions of {dollars} and capturing all the curiosity.
Hougan’s bullish outlook on Tether displays a broader thesis in regards to the sheer dimension of the markets the digital property intention to disrupt.
He illustrated this idea utilizing Bitcoin, which at the moment holds a $2.3 trillion market capitalization, equal to Amazon’s valuation.
While Amazon serves thousands and thousands of shoppers every day, Bitcoin’s worth stems from its competitors with gold, a $25 trillion asset class.
“To be price $2.3 trillion, [a company trying to disrupt] Amazon would wish to take 100% of the market, forcing the Seattle-based large into chapter 11,” Hougan defined.
The similar logic applies to stablecoins and the standard fee methods they may doubtlessly substitute.
According to McKinsey data cited by Hougan, the worldwide funds business processes 3.4 trillion transactions price $1.8 quadrillion yearly.
In such large markets, capturing even a small proportion may doubtlessly make Tether’s historic revenue projections extra believable than they initially seem.
Tether’s Path to Record-Breaking Profitability
Paolo Ardoino, the CEO of Tether, advised CryptoInformation final 12 months that he’s assured Tether USDT will keep its dominance amid growing competitors from different stablecoins as a result of workforce’s deep understanding of utilization.
Regarding Tether’s enterprise mannequin and profitability, Ardoino highlighted the influence of present rates of interest.
“We made $12 billion in earnings within the final two years,” he stated.
Even if charges have been to drop to 2%, Ardoino famous that Tether has $100 billion within the U.S. Treasuries, and a pair of% on that’s nonetheless $2 billion per 12 months.
Data from DeFiLlama reveals that stablecoins’ complete market capitalization is now price $297 billion, with Tether USDT alone taking 58.65% of your complete market share at precisely $174 billion.
Beyond that, Tether is essentially the most worthwhile firm in crypto, averaging $652 million month-to-month and $6.81 billion yearly in income.
The projection that Tether could turn into the world’s most worthwhile firm comes as institutional adoption of stablecoins accelerates throughout the monetary sector.
Major fee processors, together with Stripe, Mastercard, and Visa, have rolled out infrastructure permitting shoppers to transact with stablecoins by means of current fee networks.
Credit card large @Visa has begun testing stablecoin-powered cross-border funds, marking a serious step in digital tokens gaining acceptance amongst international finance gamers.#Visa #Stablecoins https://t.co/bJwqFJe5tc
— Cryptonews.com (@cryptonews) September 30, 2025
Digital pockets suppliers such as MetaMasks, Kraken, and Crypto.com now offer card services that assist stablecoin spending.
Traditional banks, together with Citi and Bank of America, have publicly stated plans to broaden their digital asset companies, with some indicating potential launches of proprietary stablecoins sooner or later.
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