Tether Earns $6.2B in 2023, Competes With Traditional Financial Firms

• Bitwise President believes Tether performed impressively in 2023.
• The stablecoin company generated $6.2 billion in net income in 2023.
• Tether’s net income is 78% of Goldman Sachs’ and 72% of Morgan Stanley’s.

Teddy Fusaro, President at Bitwise, has highlighted Tether’s impressive performance in 2023 compared with traditional investment platforms. In a recent post on X, Fusaro noted that Tether produced an estimated $6.2 billion in net income in 2023.

According to the information shared by Fusaro, Tether’s net income in 2023 is 78% of Goldman Sachs’ performance during the same period, which was $7.9 billion. It was also 72% of Morgan Stanley’s net returns of $8.5 billion.

On further comparison, Fusaro highlighted that Tether has only about 100 employees in its workforce compared to the other financial giants. Published data showed that Goldman Sachs has 49,000 employees, while Morgan Stanley has a workforce of 82,000.

The shared data reflects Tether’s growing status and increasing adoption in the financial sector. Despite being a relatively new financial instrument and facing significant challenges in the past few years, stablecoin has become a formidable contender with some well-established financial instruments.

Tether launched in 2014 as a blockchain-enabled platform for facilitating the use of fiat currencies digitally. As of January 2024, the stablecoin’s website listed fourteen protocols and blockchains that minted the Tether stablecoin.

Data from CoinmarketCap showed that Tether’s market capitalization was over $107 billion as of the filing of this report. It also showed that the stablecoin had over 107 USDT billion in circulating supply while having a total supply of approximately 111 billion USDT.

Tether is the most commonly used stablecoin, and many crypto users believe it is living up to its description as an instrument to disrupt the conventional financial system.