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> But to take an example, at this point tether is generating 75mm a year for free for it owners at 0 risk.

Tether has got hundreds of millions of dollars worth of funds seized from their banks.

True. But they still 2-3 billion working for them for free. And then that's a specific example where they went and made poor choices with their funds etc. On paper if all you do is create a "stablecoin" and segregate funds in an interest bearing account and don't touch them then its free running interest to you.

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