According to PANews, an analysis by OKG Research reveals that Tether's net profit for 2024 reached $13 billion, with 54% derived from U.S. Treasury interest and nearly $5 billion from unrealized gains in Bitcoin and gold. Tether's Bitcoin holdings exceed 100,000, indicating a high volatility profit structure. In contrast, Circle's IPO prospectus disclosed a revenue of $1.676 billion for 2024, with 95%-99% coming from interest income and only 0.9% from service revenue. Tether is trending towards an 'offshore hedge fund' model, while Circle is steadily advancing towards a compliant public listing, resembling a 'digital currency fund' deeply anchored to interest rate cycles. The profit structure divergence between the two stablecoin companies is becoming increasingly evident.