Wormhole: Tether and Circle profit from high interest rate environment, stablecoin holders rarely return

Wormhole co-founder Dan Reecer slammed stablecoin giants Tether and Circle in a recent interview, saying that the two companies are profiting from the current high interest rate environment while stablecoin holders are not seeing any return. Tether and Circle support their stablecoins by holding high-yielding U.S. Treasury bonds, but will not share the proceeds directly with users, as doing so could raise eyebrows with regulators.