Tether's net profit in 2023 is $6.2 billion, with only 100 employees

Bitwise President Teddy Fusaro posted on the X platform that the data provided by Maelstrom showed that the net profit of stablecoin issuer Tether in 2023 was about $6.2 billion, equivalent to 78% of Goldman Sachs ($7.9 billion) and 72% of Morgan Stanley ($8.5 billion). However, Tether has about 100 employees, while Goldman Sachs and Morgan Stanley have 49,000 and 82,000 employees, respectively. Earlier in January, Tether officially released a proof report for the fourth quarter of 2023 issued by independent auditing firm BDO. The data showed that its net profit in the fourth quarter hit a record high of $2.85 billion, of which operating net profit was about $1 billion (mainly from U.S. Treasury interest), and the rest mainly came from the appreciation of gold and Bitcoin reserves. Excess reserves hit a record high, increasing by $2.2 billion, totaling $5.4 billion, and the remaining $640 million was invested in various strategic projects (such as mining, artificial intelligence infrastructure, P2P telecommunications, etc.). In addition, Tether's full-year net profit for 2023 is US$6.2 billion, of which approximately US$4 billion comes from net operating profits generated by U.S. Treasuries, reverse repurchases and money market funds, and the rest comes from the performance of other asset classes.