A recent analysis by OKG Research reveals a significant discrepancy in the profit structures of Tether and Circle for 2024. While Tether is predicted to generate a remarkable $13 billion in net profit, with a significant portion coming from US Treasury interest and unrealized gains in Bitcoin and gold holdings, its holdings are heavily concentrated in volatile assets like Bitcoin exceeding 100,000 units. In contrast, Circle’s IPO prospectus reveals $1.676 billion in revenue for 2024, primarily driven by interest income with only minimal contributions from service fees. This stark difference highlights the contrasting profit models: Tether leans towards a more ‘offshore hedge fund’ strategy while Circle aims for a more public and regulated approach closer to a ‘digital currency fund’ deeply reliant on interest rate cycles.