Bitwise Chief Investment Officer Matt Hougan believes stablecoin issuer Tether could become the world’s most profitable company if emerging markets shift to using USDT as a primary currency.

In a new Bitwise blog note, Hougan says that Tether already holds a near-total share of the stablecoin market in many non-Western countries.

“But Tether is targeting a very large market. It has a nearly 100% share of the stablecoin market in non-Western countries. There’s a chance that many emerging market countries will convert from primarily using their own currencies to using USDT. If that happens, Tether could end up managing trillions of dollars and capturing all of the interest.”

At current rates, Hougan projects that if Tether can reach $3 trillion in assets, its profits could surpass Saudi Aramco’s record $120 billion in 2024.

“For context: In 2024, Saudi Aramco turned in the most profitable year in corporate history, earning $120 billion. At current interest rates, if Tether got to $3 trillion in assets—about 3% of the global money supply—it would top that, becoming the most profitable company in history.”

Tether is reportedly seeking a valuation of $500 billion, placing it among the world’s most valuable startups alongside SpaceX and OpenAI. Unlike those firms, which focus on space exploration and artificial intelligence, Tether operates a digital money market fund, but Hougan emphasized the scale of the market it targets.