[yousif_123123]

Tether is projected to generate $15 billion in profits. So 500 billion is like a 33 times earnings multiple.

Now the main thing is how sustainable these earnings are and if they will continue to be a dominant player in stable coins and if there will continue to be demand for them.

Another difference to Blackstone is Tether takes 100% of the returns on the treasuries backing the coins, whereas Blackstone gets a small fee from AUM, and their goal is to make money for their investor clients.

If crypto wanted to really be decentralized they'd find a way to have stable coins backed by whatever assets where the returns of the assets still came to the stable coin holder, not some big centralized company.