BitMine's Tom Lee Claims Tether Outperforms Most Traditional Banks

Written by Emily J. Thompson, Senior Investment Analyst

Source: stocktwits

Updated: 6d ago

0mins

Source: stocktwits

USDT Business Framed as Bank-like: Tom Lee characterized Tether's USDT as a bank-like entity, highlighting its profits and scale compared to major banks, amidst ongoing discussions in the Senate regarding the CLARITY Act and stablecoin regulations.
Potential Earnings and Market Position: Lee noted that Tether's stablecoin business could earn close to $20 billion, positioning it as one of the most profitable banks globally, second only to JPMorgan, with USDT representing about 1% of the US dollar supply.
Concerns Over Regulatory Drafts: Brian Armstrong from Coinbase expressed concerns about a Senate Banking Committee draft that could pose risks to the crypto industry, warning that the language could lead to unintended consequences for tokenized stocks and stablecoins.
Impact of New Regulations: The implementation of the GENIUS Act is beginning to affect the $900 billion remittance market, complicating operations for crypto-native companies while established money movers adapt to the changing regulatory landscape.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.