Wormhole Co-founder: Tether and Circle Profit from High Interest Rate Environment, Stablecoin Holders Struggle to See Returns Golden Financial Reports, Wormhole Co-founder Dan Reecer criticized stablecoin giants Tether and Circle in a recent interview, stating that these two companies are profiting from the current high interest rate environment while stablecoin holders have not seen any returns. Tether and Circle support their stablecoins by holding high-yield U.S. Treasury bonds, but they do not share the profits directly with users, as doing so may upset regulators.