[TacticalCoder]

> I was under the impression that Tether was in the business of taking USD (with the promise of returning it) and earning interest on that USD...

To be fair there's a HN unicorn doing just that: Coinbase. They created a joint venture with Circle and are backing $25 billion USDC by US short term treasuries, minting a cool 1.25 billion yearly in interests.

And contrarily to tether, Coinbase does have the actual USDs / short term US treasuries backing the USDC emitted (big names banks have published the list and individual numbers of all the US treasuries they're holding for Coinbase and during the SVB fiasco Coinbase was shown to have 3.3 bn at SVB or something like that).

Certainly a very profitable business to be in...