A contrarian question: When the whole market is losing money, who’s quietly making a fortune?
The answer might sting a little: Tether. Its just-released third-quarter report shows net operating profit of $1.5 billion for the quarter and $4.5 billion for the first nine months of the year. Total assets stood at $191.5 billion against liabilities of $183.5 billion, while excess reserves nearly doubled from $4.1 billion at the end of June to $7.95 billion. Where does the money come from? It holds $132.4 billion in U.S. Treasuries, earning enough from Treasury interest alone to feast on—and it also has $8.37 billion in Bitcoin and $19.08 billion in gold.
On one side, $BTC fell to 76,750 on Friday, with more than $1.5 billion in long positions liquidated over 24 hours. On the other, a stablecoin issuer is pocketing interest from U.S. Treasuries. The $USDT in your hands is worth $1; in Tether’s hands, it’s capital that generates income.
So here’s the question: Is it only fair that stablecoin issuers earn interest on U.S. Treasuries, or should they share some of it with token holders? Pick a side in the comments: A. They’ve earned it—safety is valuable; B. Earning interest on users’ money without sharing a cent is hard to justify.
#Tether #稳定币 #U.S.Treasuries
The answer might sting a little: Tether. Its just-released third-quarter report shows net operating profit of $1.5 billion for the quarter and $4.5 billion for the first nine months of the year. Total assets stood at $191.5 billion against liabilities of $183.5 billion, while excess reserves nearly doubled from $4.1 billion at the end of June to $7.95 billion. Where does the money come from? It holds $132.4 billion in U.S. Treasuries, earning enough from Treasury interest alone to feast on—and it also has $8.37 billion in Bitcoin and $19.08 billion in gold.
On one side, $BTC fell to 76,750 on Friday, with more than $1.5 billion in long positions liquidated over 24 hours. On the other, a stablecoin issuer is pocketing interest from U.S. Treasuries. The $USDT in your hands is worth $1; in Tether’s hands, it’s capital that generates income.
So here’s the question: Is it only fair that stablecoin issuers earn interest on U.S. Treasuries, or should they share some of it with token holders? Pick a side in the comments: A. They’ve earned it—safety is valuable; B. Earning interest on users’ money without sharing a cent is hard to justify.
#Tether #稳定币 #U.S.Treasuries
