TLDR 
Tether, the issuer of the USDT stablecoin, has dominated the financial landscape in Q1 2024, outperforming traditional banking giants like Goldman Sachs and Morgan Stanley in profitability. This highlights the rise of CeDeFi (Centralized Decentralized Finance) and the growing importance of Real-World Assets (RWA) in the crypto ecosystem.
Key Points 
- Tether reported a staggering $4.52 billion in profit, 10x the earnings of the entire Ethereum chain.
- Tether’s revenue per employee is $45.2 million, 485 times higher than Goldman Sachs.
- Tether’s business model is based on strategic financial investments in securities, commodities, and cryptocurrencies.
- The stablecoin narrative is expected to grow stronger, and the author is excited about the potential of @ethena_labs.
In-depth Summary 
The article highlights the remarkable performance of Tether, the issuer of the USDT stablecoin, in the first quarter of 2024. Tether’s profitability has surpassed that of traditional banking giants like Goldman Sachs and Morgan Stanley, showcasing a monumental shift in the financial landscape.
Tether reported a staggering $4.52 billion in profit, dwarfing the entire Ethereum chain’s earnings by 10 times. This impressive figure underscores the growing importance of stablecoins and centralized decentralized finance (CeDeFi) in the crypto ecosystem.
Furthermore, Tether’s revenue per employee is an astonishing $45.2 million, which is 485 times higher than Goldman Sachs, the next in line. This efficiency speaks volumes about Tether’s streamlined operations and strategic financial maneuvers.
Tether’s business model is based on investing the funds received for USDT in securities, such as US Treasuries, as well as diversifying its portfolio with investments in commodities and cryptocurrencies. This strategy has allowed Tether to generate substantial interest income while maintaining the peg of USDT and capitalizing on the ongoing bull market.
With a market cap soaring to approximately $110 billion and still climbing, Tether is well-positioned to continue its dominance in the stablecoin market. The author is particularly excited about the potential of @ethena_labs, which is expected to further strengthen the stablecoin narrative.
ELI5 
Tether, the company that makes the USDT stablecoin, made a lot of money in the first three months of 2024. They made way more money than big banks like Goldman Sachs and Morgan Stanley. Tether’s business is simple - they take the money people use to buy USDT and invest it in things like government bonds and cryptocurrencies. This makes them a lot of money, and they are able to keep the value of USDT stable. The author thinks this shows that stablecoins and real-world assets are becoming really important in the crypto world, and they are excited about a company called @ethena_labs that might help this trend grow even more.
Writer’s Main Point 
The writer is bullish on the rise of CeDeFi (Centralized Decentralized Finance) and the growing importance of Real-World Assets (RWA) in the crypto ecosystem, as evidenced by Tether’s remarkable financial performance in Q1 2024. The author is particularly excited about the potential of @ethena_labs and the strengthening of the stablecoin narrative.