Decentralized stablecoins are a profitable business, so many projects want to do it. The assets mortgaged off the chain are interest-bearing. For example, TEDA and Circle hold so many treasury bonds. Some issuers also charge handling fees in the process of redeeming stablecoins, and some issuers can also lend money to earn interest. For example, HVBANK used off-chain collateral to apply for a DAI loan from Makerdao. Makerdao’s estimated annual net income from this loan is 3%.​​​