On April 3rd, according to OKG Research analysis, Tether's net profit in 2024 reached 13 billion US dollars, of which only 54% came from US bond interest, nearly 5 billion US dollars came from the unrealized floating profit of BTC and gold, and BTC held more than 100,000 pieces, showing a high volatility income structure. Circle disclosed in its IPO prospectus that its revenue in 2024 reached 1.676 billion US dollars, 95% -99% came from interest income, and service income accounted for only 0.9%. Tether tends to be an "offshore hedge fund" model, while Circle steadily promotes compliance listing, more like a "digital currency fund" that deeply anchors the interest rate cycle. The differentiation of the profit structure of the two stablecoins is becoming more and more obvious.