Tether generates earnings by investing user dollar deposits into yield-bearing short-term U.S. government securities and reverse repurchase agreements while retaining all interest profits without distributing yields to USDT holders

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.