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Why are U.S. Treasury yields hovering around 4%–5%, while some stablecoins are pegged to U.S. Treasuries—and now the lending market rate is only 1.65%? Where exactly is the money being made, and can we start complaining about it? Let’s simply break down this “borrow-to-get-rich” free-loading chain step by step:
1⃣ Issuers make a killing: you give the issuer dollars, they give you 1 USDT, then they take your dollars and go buy U.S. Treasuries with a 5% return. They net earn hundreds of billions in a year, but this interest… 1