Tether (USDT), the world’s largest stablecoin and the third-biggest cryptocurrency, has once again captured everyone’s attention in the realm of finance. This week, during the ongoing results announcement, it was observed that the biggest stablecoin, Tether, reported a significant profit for this quarter. What makes it particularly noteworthy is that its net earnings surpass those of the finance world giant, Goldman Sachs.
Tether outperformed Goldman Sach and made $2.85 billion
Recently, on February 1, 2024, the CIO of BitwiseInvest, Matt Hougan, posted on X (previously Twitter) explicitly stating that “Tether made more money last quarter than Goldman Sachs.” However, according to the data shared by Matt in his post, Tether earned $2.85 billion this quarter, while Goldman Sachs earned $2.01 billion.
The news of Tether’s significant earnings this quarter and its comparison with the world’s leading global investment banking firm spread rapidly. On the other hand, an X user with the handle “whale panda” posted praising Tether and stating, “Tether is an insanely profitable and efficient company that provides a genuinely useful service (USD-pegged stablecoin) by banking the unbanked.”
Furthermore, Whale Panda also mentioned that Paolo Ardoino, the CEO of Tether and CTO of Bitfinex, not only invests in Tether but also establishes Bitcoin mining operations. He utilizes the profits to invest further in Bitcoin and engage in exciting projects within the cryptocurrency space. This underscores the growing interest and reliance on web3 and the crypto industry.
Also Read: Tether appoints Paolo Ardoino as new CEO, focuses on diversification
This is what Tether CEO says
However, in a recent report by Nasdaq, it was revealed that Tether’s substantial profits originated from the company’s holdings in gold and Bitcoin. Additionally, with these significant profits, Tether has decided to retain most of its earnings within stablecoin reserves to ensure resilience. The Tether CEO also made a statement, expressing,
“We are optimistic for this year 2024, and also expecting to launch some exciting projects as well as products.”
Examining Tether, it stands as the king of stablecoins in the cryptocurrency industry, with assets under management totaling $98.5 billion, including $91.6 billion worth of USDT and an additional $5.4 billion in reserve.
Currently, Tether’s USDT is trading near 0.99, and in the last 24 hours, it has experienced a 0.05% negative momentum, which is quite favorable. delving further into details, Tether’s market cap exceeds $96 billion, with the total supply and circulating supply hovering around 99.6 billion USDT and 96.2 billion USDT, respectively.
