The same Federal Reserve rate hike can increase stablecoin issuers' reserve income while raising costs for Bitcoin borrowers, depending on their contracts. The Fed raised its target range by a quarter of a percentage point to between 3.75% and 4% on September 16. Circle's second-quarter filing shows that reserve income supplied 95.2% of revenue in the three months ended June 30, 2026. Existing fixed-rate debt does not automatically become more expensive when Treasury yields rise, but floating-rate loans and refinancing can expose borrowers to higher costs. Onchain lending returns depend on borrowing demand and protocol settings, and higher advertised returns require assessment of additional risks.