Wormhole Co-founder: Tether and Circle profit from high interest rate environments, while stablecoin holders rarely see returns

Jinse Finance reported that Dan Reecer, co-founder of Wormhole, recently criticized stablecoin giants Tether and Circle in an interview. He stated that these two companies are profiting from the current high interest rate environment, while stablecoin holders are not seeing any returns. Tether and Circle support their stablecoins by holding high-yielding U.S. Treasury bonds, but do not directly share the profits with users, as doing so could attract regulatory scrutiny.