Tether CEO Paolo Ardoino is eyeing an expansion in the United States, with steep predictions of a profit boom underway. The company, coming off a record profit-making 2024, will be taking full advantage of the pro-crypto environment that the Trump administration promises.
Tether made a $775 million investment into video-sharing platform Rumble, with its CEO seeing it as a perfect opportunity to expand inside the United States amid a potential change in its regulatory environment. However, he has called for caution as he wants to see what the environment holds before he makes a move.
Tether’s USDT reserves are dominated by the United States government bonds, transcribing into profits as a result of high interest rates and a commendable crypto market performance. Also, its Treasury holdings are managed by Cantor Fitzgerald, with CEO Howard Lutnick already picked as a member of Trump’s cabinet.
Tether’s unstable United States history
Tether has been embroiled in controversy in the United States, settling regulators $41 million over allegations of misrepresenting its reserves in 2021. Notably, the company refused to confirm or deny the allegations. Still, the company is reportedly being looked into for several violations.
Tether CEO Paolo Ardoino has denied the allegations, noting that the company is unaware of such investigations. Tether also became one of the highest spenders in the US, having hired former PayPal exec Jesse Spiro to lead government relations. The company is in line to beat its 2024 profit line, judging by the amount of Bitcoin it holds.
Tether set to finalize El Salvador plans
Ardoino also mentioned that the company is finalizing plans for its global headquarters in El Salvador. It intends to move its corporate structure there, hiring more employees at the location to offset human power. Aside from employing hundreds, the company will build a ‘Tether Tower’ in El Salvador.
With the company moving to El Salvador, some of its employees are considering moving there. While the remote workers would not move, its moving staff may likely bring their families. Ardoino confirmed that the move is serious, noting that the company needs to have more people there since it will be its global headquarters.