Tether’s net income in 2023 hits $6,2 billion
The result of the USDT issuer approached the indicators of Goldman Sachs and Morgan Stanley banks
09.04.2024 - 08:12
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What’s new? In 2023, the net income of Tether, which issues the largest USDT stablecoin by capitalization, was about $6,2 billion. Teddy Fusaro, the president of asset management firm Bitwise, reported this, citing data from the Maelstrom fund of the BitMEX crypto exchange founder Arthur Hayes. Such a figure is 78% of Goldman Sachs’ earnings ($7,9 billion) and 72% of Morgan Stanley’s earnings ($8,5 billion) for the same period. At the same time, Fusaro emphasized that Tether has only about a hundred employees, while banks employ 49 000 and 82 000 people respectively.
What else is known? USDT ranks third in the overall ranking of cryptocurrencies by market capitalization, behind only Bitcoin and Ethereum, with $107,1 billion, the highest ever for an asset. Over the year, USDT’s capitalization grew by 33,4%, overtaking the GDP of several countries including Bulgaria and Guatemala, and its share of total stablecoins reached 70%, according to The Block.
Late last year, Tether began aggressively expanding its bitcoin mining business by buying 20% of Europe’s largest German miner Northern Data AG, starting to build data centers in Uruguay, Paraguay, and El Salvador with a capacity of up to 70 MW each, and releasing rig management software called Moria.
In March, Tether said it would also start developing an AI business. The company will launch a division that will focus on developing open-source multimodal AI models and integrating AI solutions into market-oriented products.
At the time, Tether also successfully passed the System and Organization Controls 2 (SOC) audit from the American Institute of Certified Public Accountants (AICPA), indicating the highest level of security compliance.
Analysts pointto the growing popularity of USDT for criminal activity, but the company is actively cooperating with law enforcement by freezing suspicious wallets.
Media: Garantex exchange conducted USDT transactions worth $20 billion after sanctions were imposed
US and UK authorities are examining these transfers to counter the violation of economic restrictions
Tether also engages in educational and lobbying activities. This year, it announced the launch of global educational online courses about cryptocurrencies and blockchain technology and joinedthe development of crypto regulation and a national cryptocurrency in Uzbekistan.
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