On September 25th, stablecoin research firm Bluechip posted on the X platform that for every 50 basis points the Federal Reserve cuts interest rates, Tether's annual revenue decreases by $488 million, and Circle's annual revenue decreases by $144 million. As the Federal Reserve cuts interest rates, stablecoin issuers' returns from U.S. Treasury bonds decrease, which may force them to make riskier investments to make up for lost revenue. In addition, according to screenshots shared by Bluechip, as of September 22, Circle and Tether held more than $125 billion in U.S. Treasuries.