Tether Beats Major Banks in 2023 Earnings


Tether has 380 times more revenue per employee than JPMorgan, although they only have 100 workers.

Tether, the creator of the most valuable stablecoin in circulation, USDT, reached a watershed moment in the history of the financial sector in 2023 when its net revenue skyrocketed to an astounding $6.2 billion. This amount is comparable to what major financial institutions like Goldman Sachs and Morgan Stanley have disclosed, according to Bitwise president Teddy Fusaro.

That Tether was able to accomplish this remarkable feat with just 100 staff members is a testament to their extraordinary efficiency. When put next to the world’s leading conventional banks, this performance is very remarkable. Take Tether as an example; their revenue per employee is 380 times more than that of banking behemoth JPMorgan. It exemplifies Tether’s skill at maximizing profits.

Only one stablecoin, Tether (USDT), has a market capitalization of $100 billion or more in the cryptocurrency industry. Compared to its nearest rival, Circle (USDC), this is more than three times higher.

Stablecoin offers have expanded to include more conventional participants. With a projected $2.8 trillion in size by 2030, the stablecoin industry is attracting interest from other major participants in the cryptocurrency sector, such as Ripple.

Some major banks, including JPMorgan, are worried by Tether’s fast rise. The bank brought attention to significant threats to the whole crypto ecosystem by referencing Tether’s persistent problems with crypto transparency and compliance.

Nonetheless, Tether’s leadership has maintained its optimism about the company’s future, even in the face of these assaults from prominent financial figures. The whole cryptocurrency market would benefit from Tether’s supremacy, according to CEO Paolo Ardoino. He went on to say that Tether has been proactive in its interactions with authorities across the world.

In addition to being the undisputed leader in the stablecoin industry, Tether is also experimenting with the AI space. By supporting open-source and transparent procedures, the stablecoin issuer hopes to increase the efficiency and accessibility of AI technology.

There has been a recent uptick in conversation about the potential consolidation of AI systems, which is relevant to this strategic choice. Encouraging innovation and mitigating monopolistic tendencies within the sector is Tether’s goal with its focus to open AI models.

Also Read: The Cardano founder believes crypto and AI share a problem

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