#巨鲸动向 Have you ever thought about this question: when you hold what seems to be a "stable as a mountain" stablecoin, there may be someone profiting greatly from your funds while you receive nothing in return?

At a recent industry conference, Wormhole co-founder Dan Reecer harshly criticized industry giants such as Tether, the issuer of USDT, and Circle behind USDC. He candidly stated that in the current high interest rate market environment, these institutions are essentially engaging in "legal money printing," reaping huge profits without ever sharing these gains with real users – stablecoin holders.

The profit models of these giants are actually quite straightforward: users exchange physical dollars for an equivalent value of digital stablecoins, and these companies then invest the dollars received into extremely low-risk investment products like U.S. Treasury bonds. The substantial interest income generated from these investments is completely claimed by these companies.

Data shows that Tether achieved a net profit of up to 4.9 billion USD in the second quarter of 2023, with its company valuation reaching an astonishing 500 billion USD. Ironically, the principal source of these huge profits comes from ordinary users, yet they are left out of sharing the benefits.

Reecer pointed out that this imbalanced distribution of benefits is about to be broken. Emerging projects like M⁰ and Agora are preparing to challenge the existing order, and their core idea is to redistribute the rights to the profits brought by stablecoins to users, allowing holders to truly benefit.

With the emergence of these innovative projects, the landscape of the stablecoin market may undergo significant changes, and users may finally have the opportunity to share in the profits behind stablecoins that have long been monopolized by giants.