Tether может стать крупнейшей компанией в истории, обойдя Saudi Aramco Translation: Tether may become the largest company in history, surpassing Saudi Aramco.

Tether may outstrip Saudi Aramco in value and become the most profitable company ever. This was stated by Matt Hougan, the Chief Investment Officer of Bitwise.

He believes that one of the primary mistakes skeptics make is underestimating the scale of the markets that cryptocurrencies aim to disrupt. This leads them to overlook aspects that should be taken very seriously.

“Bitcoin is a $2.3 trillion asset. People are often surprised when they hear this. There are very few things valued at $2.3 trillion, and most of them are well-known brands. For instance, Amazon is worth $2.3 trillion, but it’s a service many use daily, whereas Bitcoin is not,” Hougan wrote.

The expert attributes the high valuation of the leading cryptocurrency to its focus on a “very large market” and its competition with gold, which is valued at $25 trillion.

Meanwhile, Ethereum and Solana are competing in the issuance, trading, and settlement of stablecoins and tokenized assets.

“Imagine two startups: one aims to disrupt Amazon’s market, while the other targets gold’s market. To reach a $2.3 trillion valuation, Amazon’s competitor would need to capture 100% of its market, which would bankrupt the Seattle giant. Good luck with that. But if the startup aimed to disrupt the gold market, it would be entirely different: to achieve $2.3 trillion, it would need to capture less than 10% of that segment,” explained Bitwise’s CIO.

According to McKinsey, the global payments industry processes 3.4 trillion transactions totaling $1.8 quadrillion annually. Estimates from SIFMA and Savills indicate that the combined value of stocks, bonds, and real estate stands at $665 trillion.

Given the scale of these markets, no corporation can dominate them entirely; however, decentralized systems might, according to Hougan.

The executive recalled this phenomenon in light of rumors about Tether’s plans to raise $20 billion to achieve a valuation of $500 billion. In his view, closing the deal would make the USDT issuer one of the most valuable startups globally, alongside OpenAI and SpaceX.

Despite the fact that Tether essentially manages a digital money market fund, the company holds nearly 100% of the stablecoin segment in non-Western countries.

“There’s a possibility that many developing jurisdictions will transition from predominantly national currencies to using USDT. If this happens, Tether could manage trillions of dollars along with all associated interest,” Hougan noted.

To illustrate his point, he referenced Saudi Aramco. The year 2024 became the corporation’s most profitable in history, reporting $120 million. With current interest rates, if Tether’s assets reach $3 trillion (about 3% of the global money supply), the company would exceed this figure and become the most profitable in the world.

According to the investment director, understanding this scenario “opens investors’ eyes to the potential of cryptocurrencies” and drives many to seek diversification.

“Investing in cryptocurrency is like investing in early-stage startups: you’re hunting for a black swan. If you find one, the potential returns are enormous. But be prepared for the fact that many will fail. Even the biggest names. Ethereum, Solana, Ripple, Aave, Hyperliquid, Chainlink – virtually any existing crypto project could fail,” Hougan warned.

Tether remains one of the most successful companies in the crypto industry. In the second quarter, the firm reported a net profit of $4.9 billion.

In July, CEO Paolo Ardoino confirmed plans to launch USDT in the American market. He expressed Tether’s intention to achieve foreign issuer status for stablecoins in accordance with the requirements of the GENIUS Act. Ardoino estimated the timeline for these plans at three years.

As a reminder, on September 12, Tether introduced a dollar-backed and fully regulated “stablecoin” USAT for the U.S. market.