Tether Holdings SA, the company behind the popular stablecoin USDT, is teaming up with conservative video platform Rumble to distribute a new US-compliant token called USAT.
In a Bloomberg report, Tether CEO Paolo Ardoino said Rumble, with roughly 51 million monthly active users, will be a key platform for promoting the new token. “That is already a huge number of users compared to the competition in the United States,” he added.
Rumble is set to launch a crypto wallet that will hold USAT alongside other stablecoins this year. Tether owns a 48% stake in Rumble after investing $775 million in the company in 2024.
The U.S. stablecoin market is dominated by companies like Circle, issuer of USDC, but new entrants are appearing rapidly. Tether is now making a strong push back into the U.S., appointing former White House crypto advisor Bo Hines to lead the USAT project.
Tether’s growth plans
Tether is planning new initiatives and investments as part of its ongoing business operations. It has built the business by backing USDT with cash-like assets such as U.S. Treasuries, earning interest on these reserves. The company reported $4.9 billion in profit in the second quarter and has invested in a range of industries, from artificial intelligence to energy.
Ardoino said Rumble’s crypto wallet will be a key part of the company’s plans, helping to expand both its stablecoins and tokenized gold product. The company is also trying to raise up to $15 billion and $20 billion by selling a 3% stake, which could value Tether at around $500 billion, according to Bloomberg. Ardoino called this a “discount” but did not explain the calculations behind it.
If the fundraising succeeds, some of the money will be used to develop Tether’s AI platform. The project is being designed to work even on low-cost smartphones in regions such as Africa and South America, with features like offline language translation.
Also Read: Tether Could Outprofit Saudi Aramco in Profitability: Bitwise CIO
