The Stablecoin market is ripe for disruption: In just 9 months in 2025, Tether ALONE reported $10 BILLION in profit from USDT. How is this possible? Tether reported $137 BILLION in US Treasury holdings, making the company the 17th largest holder of US debt. Tether takes the capital "invested" in USDT, lends it to the US government, and collects the yield. Stablecoin holders are effectively "lending" Tether capital at a 0% interest rate, which is then flipped on Treasuries. Leading onchain innovation, Jupiter already launched JUPUSD, the first onchain-focused Stablecoin designed to return this yield to ecosystem. The Stablecoin yield model is changing.(The Kobeissi Letter)