Tether's Net Profit in 2023 Nearly Matches Major Banks Despite Smaller Workforce

According to BlockBeats, Bitwise President Teddy Fusaro cited Maelstrom data on April 9, revealing that stablecoin issuer Tether's net profit for 2023 was approximately $6.2 billion. This figure represents 78% of Goldman Sachs' profit, which was $7.9 billion, and 72% of Morgan Stanley's profit, which stood at $8.5 billion. Interestingly, Tether achieved these impressive figures with a significantly smaller workforce. The company employs around 100 people, in stark contrast to Goldman Sachs and Morgan Stanley, which have 49,000 and 82,000 employees respectively. This data highlights the profitability of the stablecoin issuer in comparison to traditional banking giants, despite having a fraction of the workforce. It underscores the potential of the cryptocurrency industry and its ability to compete with established financial institutions.