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Tether and Circle earned over $10 billion and their valuation exceeded $200 billion in 2023, but this wealth is unrelated to their users - their model is to privatize the profits from user deposits while shifting the risk to society.
They pocket the profits from user deposits, but if there is any risk, everyone has to bear it together. This practice is quite similar to what the banking industry used to do, which is to eat meat themselves while others just drink soup. If the soup spills, everyone has to help clean the floor. Obviously, this practice is not very authentic or fair.