Tether made $6.2 billion last year! USDT scale has grown by more than 60% since the beginning of the year

USDT, the leader in the stablecoin market, currently has a market capitalization of over US$107 billion. Its issuer Tether also achieved a net profit of US$2.85 billion in the fourth quarter of last year, setting a record high. , and accumulated a record high excess reserves of US$5.4 billion in the quarter.

Tether’s outstanding financial performance attracted the attention of Bitwise President Teddy Fusaro. Yesterday (8), he cited Maelstrom’s data and pointed out that Tether will achieve a net profit of US$6.2 billion in 2023, which is equivalent to 78% of Goldman Sachs’ net profit of $7.9 billion, and 72% of Morgan Stanley’s net profit of $8.5 billion. Fusaro specifically pointed out: But Tether has only about 100 employees, while Goldman Sachs and Morgan Stanley have 49,000 and 82,000 employees respectively.

This shows that Tether’s net profit per employee is approximately US$62 million, far exceeding Goldman Sachs’s US$160,000 and Morgan Stanley’s US$100,000 net profit per employee.

USDT’s scale has grown by over 60% year-to-date

As the scale of USDT continues to expand, Tether is expected to achieve stronger financial results this year. According to the latest data from DeFiLlama, the total circulating supply of USDT has exceeded the US$107 billion mark, an astonishing increase of US$40.75 billion or 61.5% compared to US$66.25 billion at the beginning of the year.

Among various blockchain networks, the circulation of USDT is dominated by Tron, accounting for more than 50% of the overall circulation, followed by Ethereum, which accounts for 40.46%. BSC and Arbitrum hold 3.44% and 2% shares respectively.

USDT’s proportion of circulation in each chain

The second largest stable currency USDC has also expanded significantly this year. According to the latest data from DeFiLlama, the total circulating supply of USDC The volume reached nearly US$32 billion, a significant increase of US$8.14 billion or 34% compared with US$23.86 billion at the beginning of the year. In addition, USDC is mainly circulated in Ethereum, accounting for nearly 75%, followed by Solana, Base and Arbitrum, accounting for approximately 7%, 5.24% and 3.4% respectively.

USDC’s proportion of circulation in each chain

10x Research: Stablecoin supply growth is the key driver of the bull market, surpassing ETF capital inflows

The size of stablecoins is often seen as a key measure of cryptocurrency market liquidity. When the issuance of stablecoins continues to increase, it often means that the market is attracting new capital inflows, which is a positive sign for the formation of a bull market.

According to the latest weekly report from 10x Research, the supply of USDT and USDC has increased by a total of US$10 billion in the past 30 days, which is more than twice the inflow of Bitcoin ETF funds during the same period. The agency emphasized that compared with the inflow of funds into Bitcoin ETFs, the increase in the supply of stable coins may more accurately reflect the demand conditions of the crypto market.

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