The most profitable project in the top 10 doesn’t pay its holders anything.
Tether made about $1.5B in operating profit in Q2, mostly from Treasury interest. At that scale, one quarter of Tether profit is larger than Ethereum’s fees over a whole year at yesterday’s rate (rough math).
USDT holders get none of it. They own a claim on $1, not a share of Tether.
The detail I’d watch is the reserve buffer, which halved in one quarter.
Profit is not the same as safety.
#Tether #Stablecoins #CryptoResearch #ZeroHunter
$KAIA $GLMR $RLC
Tether made about $1.5B in operating profit in Q2, mostly from Treasury interest. At that scale, one quarter of Tether profit is larger than Ethereum’s fees over a whole year at yesterday’s rate (rough math).
USDT holders get none of it. They own a claim on $1, not a share of Tether.
The detail I’d watch is the reserve buffer, which halved in one quarter.
Profit is not the same as safety.
#Tether #Stablecoins #CryptoResearch #ZeroHunter
$KAIA $GLMR $RLC