In the second quarter of 2026, USDT reserves generated 1.5 billion dollars in net operating profit for Tether, while Circle collected 677.7 million dollars in reserve revenues, accounting for nearly 95% of its revenue. Coinbase received 324.6 million dollars from Circle during the same period. Stablecoin holders received none of these earnings. Reeve Collins, co-founder of Tether, proposes the concept of « Stablecoin 2.0 » to detach yield from the stablecoin: the token remains pegged at 1 dollar for payments, while a second token carries the yield generated by the reserves. STBL, which he co-founded, already implements this model with two distinct tokens.
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