A bit surprising compared to Goldman Sachs and Morgan Stanley

Bitwise President Teddy Fusaro cited Maelstrom data and said that the net profit of stablecoin issuer Tether in 2023 was about US$6.2 billion, reaching 78% of Goldman Sachs ($7.9 billion) and 72% of Morgan Stanley ($8.5 billion). However, Tether has about 100 employees, while Goldman Sachs and Morgan Stanley have 49,000 and 82,000 employees respectively.