GuShiio.com The people-to-person ratio of Tether is approximately US$83.03 million/person, and the people-to-person ratio of Binan exceeds US$1 million/person.
original| Odaily Planet Daily (@OdailyChina)
author| Wenser（@wenser 2010 ）
In early February 2025, Tether CEO Paolo Ardoino issued a document announcing the “Tether 2024 Q4 Asset Certificate”, which mentioned: “Tether’s full-year profit in 2024 reached US$13.7 billion; the Q4 quarter profit in 2024 was US$6 billion.” After the news came out, it once triggered heated discussions in the market. As the current overlord of the stablecoin market, many people know that Tether has extremely strong ability to attract gold, but its annual profit of nearly US$14 billion is still staggering. At the same time, according to Bitwise CIO Matt Hougan, Tether’s team has only 165 people, and the people-to-efficiency ratio has reached an astonishing US$83.03 million per person, even far exceeding investment giant Goldman Sachs (the latter has approximately 45,000 employees and 2024 The annual profit is approximately 14 billion US dollars). It has to be said that compared with traditional industries, the people-to-efficiency ratio of leading companies in the cryptocurrency industry is extremely outstanding.
In view of this, Odaily Planet Daily will conduct a brief inventory of a number of encryption and gold-sucking machines in this article for readers ‘reference. (Note: Due to reasons such as high mobility of personnel in the encryption industry and different statistical standards, the following data are only incomplete statistics and are for reference only)
Big inventory of the top 7 encryption and gold-sucking machines: Tether deserves it, Coinbase is on the list
Inventory list of encryption and gold-sucking machines
1. Tether (USDT publisher): profit of 13.7 billion yuan, team of less than 200 people
The world’s largest stablecoin USDT issuer occupies a dominant position in the stablecoin market. By holding assets such as U.S. Treasury bonds to support the value of tokens, the number of users exceeds 400 million.
-
Profit in 2024: US$13.7 billion for the full year.
-
Number of employees: 165;
-
Person-efficiency ratio: approximately US$83.03 million/person.
2.pump.fun: Revenue in 2024 will exceed US$300 million
As the most eye-catching Meme coin launch platform in this cycle, Pump.fun is also one of the most profitable encryption machines. Previously, according to monitoring by chain analysts, pump.fun’s revenue from its launch to the end of 2024 was approximately 1.703 million SOL units. Based on an average price of US$198, the total profit was approximately US$337 million.
In addition, according to Qiao, founder of Alliance DAO, the investor behind pump.fun, the pump.fun team initially had only 3 people, and then gradually expanded to more than a dozen people. We calculated using a median of 15 people.
-
2024 profit: US$337 million;
-
Number of employees: 15;
-
Person-efficiency ratio: US$22.4796 million/person.
3. Binance: The number of users exceeded 250 million and the number of employees exceeded 5,000
The world’s largest cryptocurrency exchange has exceeded 250 million users, and the total trading volume of spot and derivatives has exceeded the US$100 trillion mark.
-
Profit in 2024: Not directly disclosed. Previously, US$4 billion of operating assets were sold based on accounting processes. Some community sources believe that the net profit in 2024 will be approximately US$6 billion to US$7 billion. Here we take the median value and use it as US$5 billion. Calculate.
-
Number of employees: More than 5000 (He Yi disclosed in an article).
-
Person-efficiency ratio: US$1 million/person.
4. Coinbase: Annual net profit of 2.6 billion yuan, team exceeding 3700 people
Founded in 2012, it is the leading cryptocurrency trading platform in the United States.
On April 14, 2021, Coinbase successfully landed on Nasdaq, becoming the world’s first listed cryptocurrency exchange. According to Coinbase’s 2024 Q4 financial report, in the fourth quarter of last year, Coinbase’s revenue was US$954 million, achieving quarterly profit for the first time in two years. As of the end of 2024, Coinbase has 3,772 full-time employees, a year-on-year increase of 10%.
2024 profit: US$2.6 billion;
Number of employees: 3772;
Person-efficiency ratio: US$689,000/person.
5. Circle (USDC publisher): Full year profit is unknown, with less than 1000 employees
The issuer of USDC, the world’s second largest stablecoin, focuses on compliance and institutional cooperation.
According to previous official news, USDC’s circulation in 2024 will exceed US$45 billion, a year-on-year increase of 78%. So far, USDC transactions have exceeded US$18 trillion; the number of users has exceeded 500 million.
-
Profit in 2024: No direct disclosure has been made yet. The monthly revenue in December 2024 was US$132.77 million. Previously, Circle’s annual revenue in 2022 was US$150 million, and its profit before interest, tax, depreciation and amortization for the first half of 2023 was US$219 million.It is estimated that the profit in 2024 will be at least more than US$500 million.
-
Number of employees: Bloomberg reported in June 2024 that the total number of employees was approximately 915.
-
Person-efficiency ratio: US$546,000/person.
6. Strategy (formerly MicroStrategy): Net profit is less than 500 million yuan, team size exceeds 1500 people
Previously, according to The Block, in Q4 of 2024, Strategy’s Bitcoin holdings nearly doubled. Quarterly operating expenses reached US$1.103 billion, a year-on-year increase of 693%, a net loss of US$670.8 million, and total revenue was US$120.7 million., about US$3 million lower than consensus expectations and a decrease of 3% from last year.
-
Profit in 2024: US$464 million (down 7% from 2023);
-
Number of employees: 1534;
-
Person-efficiency ratio: US$302,000/person.
7. Kraken: The profit in 2024 will be approximately 380 million yuan, and the number of employees will be approximately 2,500
Old American exchange. On January 31 this year, the company’s financial report showed that its revenue in 2024 was US$1.5 billion. CEO Dave Ripley issued a document pointing out that Kraken’s revenue in 2024 was US$1.5 billion, more than double the revenue in 2023; adjusted pre-tax profit reached US$380 million. According to news in October last year, Kraken laid off 15% of its employees, affecting about 400 jobs; according to Kraken’s official channels, its employee number is about 2500.
-
2024 profit: US$380 million;
-
Number of employees: 2500;
-
Person-efficiency ratio: US$152,000/person.
Summary: Stable currencies and exchanges are the best businesses, and handling fees are the king
To sum up, stablecoins and exchanges are the “best businesses” in the cryptocurrency industry. They are not only valuable, but also make money. pump.fun mainly relies on the Meme coin craze to reap profits, and the irrefutable truth in the cryptocurrency industry is still the same saying: a business that cannot charge fees is not a good business.
