[Multicoin Capital Co-Founder: Tether's $500 Billion Valuation Corresponds to a 77x P/E Ratio, Emerging Markets Are Its Strength] BlockBeats News, September 25, Multicoin Capital co-founder Tushar Jain commented on the matter of 'Tether raising $20 billion at a $500 billion valuation.' Given the Federal Reserve's expected rate cuts, the market anticipates an average interest rate of approximately 3.6% over the next year, which implies Tether's revenue would be $6.2 billion. This corresponds to a price-to-earnings (P/E) ratio of about 77x. However, factors such as the rate-cut cycle and intensified competitive pressures are bound to threaten the sustainability of Tether's income. Nevertheless, Tether enjoys strong brand loyalty in emerging markets. These users are unlikely to switch to stablecoins with higher yields. Furthermore, Tether is continuing its expansion efforts in these countries.