PANews reported on April 3 that according to OKG Research analysis, Tether's net profit in 2024 will reach US$13 billion, of which only 54% will come from US debt interest, and nearly US$5 billion will come from unrealized floating profits of BTC and gold. BTC holdings exceed 100,000, showing a high volatility income structure. Circle disclosed in its IPO prospectus that its revenue in 2024 will reach US$1.676 billion, 95%-99% of which will come from interest income, and service income will account for only 0.9%. Tether tends to be an "offshore hedge fund" model, while Circle is steadily promoting compliance listing, more like a "digital currency fund" deeply anchored to the interest rate cycle. The profit structure of the two stablecoins is becoming more and more differentiated.