<div><h3>Fireline Report</h3><p> Tether and Circle have made huge profits from US Treasury bond interest this year, while USDT and USDC users have not earned a penny. The stablecoin market has been used as an ATM by the two giants. A new narrative of income-generating stablecoins has quietly emerged, and on-chain players have begun to get restless.</p><h3> behind the scenes</h3><p> This wave is a typical regulatory arbitrage + interest-free money-making. Tether and Circle are playing the old &quot;narrow bank&quot; routine, with the main players making the most money and users just following suit. JPMorgan Chase and KOLs took the opportunity to build momentum and push up expectations for yield-generating stablecoins. Funds in the circle began to switch sectors and prepare for new tracks.</p><h3> Trading Guide</h3><p> Traditional stablecoins will still be the big brother in the short term, but the narrative of income-generating stablecoins has just emerged, which is suitable for aggressive players to ambush new projects in advance. Don’t wait foolishly for USDT dividends. Follow the new trend to make money!</p><p style="margin-top: 20px; text-align: left; opacity: 0.4; padding: 0 42px"><small>Updated at 07-29 08:58</small><br><small>AI-generated summary, not investment advice</small></p></div>