Chapter 1
The magic trick of the steady dollar
Chapter 2
The global rescue line
Chapter 3
The giant digital vault
Chapter 4
The future of digital wallets
Ch 3 · The giant digital vault
nic Stablecoin issuers trade tokens for cash to buy interest-paying US government bonds, keeping all profits instead of paying users.
Quiz
In 2025, Tether reported an annual profit of approximately how many billions of dollars from its reserve investments?
Quiz
How do stablecoin issuers make money if they do not charge users high transaction fees?
nic Envious financial institutions build blockchain networks to win back corporate settlement clients.
Quiz
Why are traditional banks envious of the business model of top stablecoin issuers like Tether?
Quiz
What advantage do corporate clients get when using blockchain-based settlement over traditional banking systems?
Fun Fact
Hidden giant: If Tether were a country, its massive holdings of US government debt would make it one of the top 20 foreign buyers of US Treasuries.
Quiz
Which trust company actually issues and manages the reserves for PayPal's PYUSD stablecoin?
Quiz
What is the name of JPMorgan Chase's private digital token used for institutional money transfers?