Tether, a leading stablecoin issuer, is on track to achieve a record $10 billion in net profits for 2024, with its USDT stablecoin reaching a $140 billion market cap and being adopted across 109 million wallets. This success has prompted traditional financial institutions globally to explore the launch of their own stablecoins for payment purposes. Banks such as Societe Generale, Deutsche Bank, and BBVA are among those considering entering the stablecoin market, with Societe Generale's SG-Forge already launching a euro-backed stablecoin. Revolut and AllUnity, backed by Deutsche Bank's DWS, are also exploring entries into the market. Visa is involved, running pilots with major partners for a tokenization network set to launch in 2025. Tether's investments in Bitcoin mining and AI are part of its strategy for an even bigger 2025. The European regulatory framework, MiCA, has introduced a requirement for stablecoin issuers to hold over 30% of their liquidity in traditional banks, a move that Tether's CEO Paolo Ardoino described as a 'gift to the traditional banking system.' This regulation aims to ensure financial stability but raises questions about the future of stablecoins like Tether's USDT in the EU, as they must comply with strict 1:1 backing rules, transparency standards, and licensing requirements.