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Tether and Circle are ‘Printing Money’ but competition is coming: Wormhole,

Stablecoin issuers like Tether and Circle are profiting from high-interest rate by keeping the yield from U.S. Treasuries backing their tokens, while stablecoin holders see none of the returns.

New platforms like M^0 and Agora are emerging to address this issue by allowing stablecoin infrastructure to be built in a way that routes yield to applications or directly to end user.