Tether Co-founder: Stablecoin 2.0 Era Requires Rethinking User Dollar Fund Distribution Mechanism

June 20th: Tether co-founder Reeve Collins stated that Tether holds its users’ U.S. dollar deposits and invests those funds in U.S. Treasury bonds, which currently yield approximately 3%–4%. Tether retains all earnings from these investments, giving users instant global U.S. dollar liquidity while they earn no interest on their assets. This straightforward model has cemented Tether’s position as a market leader but has also built an inherent structure of platform-centric earnings. Collins believes this is the core dynamic that needs to change in the Stablecoin 2.0 era. Additionally, Collins emphasized the necessity of distinguishing between investment and speculation, the importance of entering the AI infrastructure layer early rather than focusing on external application-layer development, and the strategy of holding Bitcoin long-term as a core asset allocation.