USDT Issuer Tether Outperforms Big Banks with Strong 2023 Earnings
Tether, the issuer of the world's largest stablecoin USDT, has attained a key milestone in the entire financial space with its net income surging to a staggering $6.2 billion in 2023
With just 100 employees, Tether's income per employee is 380 times higher than that of JPMorgan.
Tether, the issuer of the world's largest stablecoin USDT, has attained a key milestone in the entire financial space with its net income surging to a staggering $6.2 billion in 2023. As per Teddy Fusaro, president at Bitwise, this figure comes pretty close to the numbers reported by some of the top banking giants such as Morgan Stanley and Goldman Sachs.
Interestingly, Tether achieved this historic milestone with just 100 employees, demonstrating an unprecedented level of efficiency. This performance is particularly outstanding in comparison to some of the top traditional banks. For example, the income per employee at Tether is by a staggering 380 times higher than what banking giant JPMorgan produces. It showcases how effectively Tether manages to maximize profitability.
Tether (USDT) is the only stablecoin in the crypto market having a market cap of $100 billion. This is more than three times that of its immediate competitor Circle (USDC). Interestingly, this magnanimous growth witnessed by Tether has sparked discussions within the crypto community.
As a result, traditional players have also started stablecoin offerings. Other big crypto market players like Ripple are also eyeing a slice of the stablecoin market, expected to grow to $2.8 trillion in size by 2030.
