Opinion: The divergence between Tether and Circle profit models has intensified

On April 3rd, according to OKG Research analysis, Tether's net profit in 2024 reached 13 billion US dollars, of which only 54% came from US bond interest, nearly 5 billion US dollars came from the unrealized floating profit of BTC and gold, and BTC held more than 100,000 pieces, showing a high volatility income structure. Circle disclosed in its IPO prospectus that its revenue in 2024 reached 1.676 billion US dollars, 95% -99% came from interest income, and service income accounted for only 0.9%. Tether tends to be an "offshore hedge fund" model, while Circle steadily promotes compliance listing, more like a "digital currency fund" that deeply anchors the interest rate cycle. The differentiation of the profit structure of the two stablecoins is becoming more and more obvious.