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.
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.