Tether Surpasses BlackRock with $6.2 Billion Profit in 2023, $700 Million More

Sep 11, 2024, 07:26 AM

Tether, a prominent player in the cryptocurrency market, generated $6.2 billion in profit in 2023, surpassing BlackRock's $5.5 billion profit for the same year by $700 million. With fewer than 100 employees, Tether's profit per employee stands at over $60 million, the highest on record. The company's assets under management (AUM) have reached $120 billion, and it charges a 5.2% management expense ratio (MER) on its tokenized money market fund. Tether's market capitalization has also seen significant growth, rising from $83 billion to $118 billion over the past year.