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According to Collins, the elegance of Tether's business model lies in its extreme simplicity: users give me 1 dollar, and I give you 1 token.
This model makes Tether the default trading pair in the market, and it has gained a significant first-mover advantage in centralized exchanges, cross-border transfers, and crypto trading.
But the problem also lies here.
Tether allocates the dollars deposited by users into assets like U.S. Treasury bonds, currently earning about 3% to 4% returns, but these earnings are mainly retained by the issuer.
While users gain liquidity and payment functions with stablecoins, they cannot participate in the interest generated by the underlying reserve assets.