tether makes $10b/year off $141b in treasuries and passes zero yield to USDT holders. 300 employees, $33m profit per head. GENIUS Act implementation deadline is july 18 with comment periods closing june 2-9. if yield passthrough gets mandated the entire business model breaks. tether already hedged by launching USAT through anchorage digital bank in january. running two stablecoins now, one compliant one offshore. cantor fitzgerald owns 5% of tether. the market hasn't priced in what happens when $186b in USDT supply faces a regulatory fork. circle doesn't have this problem because USDC was built compliant from day one. coinbase takes 100% of USDC interest on platform plus 50% off platform and now holds 22% of total USDC supply up from 5% in 2022. that revenue share is the real exposure to the stablecoin endgame if you can't buy circle directly
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