Tether has revealed that its profit for the first three quarters of 2025 has passed the $10 billion mark. That number puts it ahead of some of the world’s biggest banks when looking at the same stretch of time. Treasury Bills Are Doing the Heavy Lifting The massive revenue comes mainly from the $135 billion in U.S. Treasury bills that Tether holds in its reserves. These reserves back every USDT token in circulation, and when interest rates on Treasuries climb, so does Tether’s profit. The company benefi ...

Key Points Dai and Ethena USDe both aim for a $1 price, but use very different strategies to get there. Both stablecoins handled recent market volatility with only minor, short-lived price blips. Choosing between Dai and Ethena USDe depends on your risk tolerance and need for yield versus safety. 10 stocks we like better than Dai › Stablecoins have become the essential plumbing of the crypto economy in 2025 -- powering everything from cross-border payments and decentralized finance (DeFi) lending ...

Core Insights - Stablecoins have emerged as a popular investment option for risk-averse investors, providing a safer alternative compared to traditional cryptocurrencies [2] - The primary goal of stablecoins is to maintain a value of $1.00, with the majority pegged to the U.S. dollar [3] - Stablecoins can facilitate faster and cheaper cross-border transactions and offer higher yields compared to traditional savings options [4] Comparison of Stablecoins - Ethena USDe and Dai are both pegged to the U.S. dollar but are not backed by actual U.S. dollars or Treasuries, differentiating them from stablecoins like USD Coin and PayPal USD [6] - Ethena USDe utilizes a mix of crypto assets and employs a balancing strategy between long and short positions in crypto to maintain its peg to the U.S. dollar [7][8] - Dai uses smart contracts to hold crypto assets as collateral while maintaining its peg to the U.S. dollar [9]

Ethereum Ecosystem Overview - Apps on Ethereum host approximately 355 billion USD in user assets [1] - ETH trades at roughly 144% of its ecosystem TVL (Total Value Locked) [1] Top Sectors & Apps by TVL - Top 5 sectors include stablecoins, lending, liquid staking, DEXs (Decentralized Exchanges), and RWAs (Real-World Assets) [1] - Leading apps by TVL are Tether, Aave, Circle, Lido, and EigenLayer [1]

Core Viewpoint - Circle Internet is exploring the possibility of reversing transactions involving its stablecoin, USDC, which could enhance its mainstream adoption but may conflict with the principles of decentralization in cryptocurrency [1][3]. Company Summary - Circle is considering allowing refunds for transactions in cases of fraud or disputes, similar to traditional finance (TradFi) practices, which could facilitate wider acceptance of stablecoins [3]. - The company has been a leader in the adoption of stablecoins in the U.S. following its successful initial public offering (IPO) in June [4]. Industry Summary - Stablecoins, which are pegged to traditional financial assets, play a crucial role in the cryptocurrency ecosystem, providing stability against the volatility of cryptocurrencies like Bitcoin and Ethereum [2]. - The stablecoin market has a total market capitalization of approximately $300 billion, with USDC holding a market cap of $74 billion and Tether's USDT leading at $173 billion [2]. - There is a tension between the desire for immediate transaction transfers and the need for settlement finality, which is a core principle in the cryptocurrency space [4].

Core Insights - Hyperliquid has selected Native Markets as the issuer of the new USDH stablecoin, marking a significant development in the $160 billion stablecoin sector [2][5] - Native Markets is backed by notable figures from the finance and crypto industries, including former executives from Uniswap Labs and BlackRock [3][4] - The revenue-sharing model proposed by Native Markets aims to distribute 100% of stablecoin revenues to Hyperliquid users, contrasting with Circle's current model that does not share revenues [5][6] Company Developments - The decision to partner with Native Markets was finalized on September 15 after a week-long bidding process [2] - Native Markets will issue USDH through Bridge, a stablecoin infrastructure acquired by Stripe for $1.1 billion, with BlackRock managing treasury reserves initially [4] - Over time, Fidelity and BNY Mellon are expected to join as custodians for the USDH stablecoin [4] Market Implications - The aggressive revenue-sharing model could lead to a price war in the stablecoin market, which is considered one of the most lucrative segments in crypto [5] - Hyperliquid users currently hold approximately $6 billion in USDC, representing about 8% of total USDC circulation, which may be threatened by the introduction of USDH [6] - The decision has sidelined competitors such as Paxos, Ethena, BitGo, Frax Finance, and Agora, raising questions about the transparency of the bidding process [7]