What is the most profitable and most enviable business in the crypto world?

Exchanges? Of course, unless you're at the top tier; and most top-tier exchange owners have probably stepped on a sewing machine before. Besides Brother Sun, Nurse Xu, Mumu, Big Brother, and Old Black, they've all been involved.
Exchanges are indeed very profitable, but the money isn't as easy to come by as you might think.
Many people may not know, or haven't paid attention, but there is a company in the crypto space that is more prosperous than any exchange. A company with about 100 employees, with annual profits surpassing $10 billion, and an average profit of $100 million per person. That is Tether, the issuer of USDT!
Its business model is very simple, and one sentence can make it clear: users hold dollars and exchange them for USDT, and Tether uses users' dollars to buy U.S. Treasury bonds, enjoying an annualized return of around 4%.
Currently, the USDT market size exceeds $150 billion, and by 2025, based on conservative estimates of U.S. Treasury yields, it will generate about $6 billion in income.
But it's unfortunate that ordinary people can't enjoy Tether's profit dividends; all the profits are divided among shareholders. As a top-tier company, it neither issues its own tokens nor goes public.
Meanwhile, the second-tier company $CRCL , as a compliant stablecoin issuer of USDC, has a market size surpassing $70 billion. The biggest difference from Tether is that it follows a compliant route, combined with a background of being listed on the U.S. stock market. In the stablecoin sector, it is the only asset that ordinary people can purchase.
Many altcoins may die out, but stablecoins could become increasingly widely used. For example, very simply, I now use stablecoins (U-Card) to buy Twitter blue verification, and such scenarios will become more common.
Bold prediction, or rather, at a visibly rapid pace, stablecoins originated in the crypto world but now have a solid foundation in the global payment industry chain.