According to OKG Research analysis, Tether's net profit in 2024 reached $13 billion, of which only 54% came from US bond interest, and nearly $5 billion came from unrealized floating profits of BTC and gold. BTC holdings exceeded 100000, demonstrating a high volatility return structure. Circle disclosed in its IPO prospectus that its revenue for 2024 will reach $1.676 billion, with 95% -99% coming from interest income and service income accounting for only 0.9%. Tether tends to adopt an "offshore hedge fund" model, while Circle steadily promotes compliant listing, more like a "digital currency fund" deeply anchored in the interest rate cycle. The profit structure differentiation between the two stablecoins is becoming increasingly apparent.
