Wormhole Joint Venture: Tether and Circle profit from a high interest rate environment, but stablecoin holders rarely return
According to online reports, Wormhole co-founder Dan Reecer criticized stablecoin giants Tether and Circle in a recent interview, saying that the two companies are profiting from the current high interest rate environment, but stablecoin holders have not seen any return. Tether and Circle support their stablecoins by holding high-yield U.S. Treasury bonds, but will not directly share the proceeds with users because doing so may cause dissatisfaction from regulators.
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