Online reported that on April 3, according to OKG Research analysis, Tether's net profit in 2024 reached US$13 billion, of which only 54% came from US bond interest, nearly US$5 billion came from unrealized floating profits in BTC and gold, and BTC held more than 100,000 positions, showing a highly volatile income structure. Circle disclosed in its IPO prospectus that its revenue in 2024 will reach US$1.676 billion, 95%-99% will come from interest income, and service income will only account for 0.9%. Tether tends to the "offshore hedge fund" model, while Circle steadily promotes compliant listings, more like a "digital currency fund" that deeply anchors the interest rate cycle. The divergence in the profit structures of the two stablecoins has become increasingly obvious.