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 stepped on a sewing machine at some point. 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 may not have noticed, that there is a company in the crypto space that is more prosperous than any exchange. A company with about 100 employees, with annual profits exceeding $10 billion, and an average profit of $100 million per person. That is Tether, the USDT issuer!
Its business model is very simple, and a single 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 annual yield 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 "Dragon One," it neither issues its own tokens nor goes public.
As for "Dragon Two" $CRCL , the compliant stablecoin USDC issuer, the USDC market size has surpassed $70 billion. The biggest difference from Tether is that it follows a compliant route, combined with a background of being a publicly listed U.S. company. In the stablecoin sector, it is the only target that ordinary people can purchase.
Many altcoins may die out, but stablecoins are likely to be increasingly widely used. For example, the simplest case: I now use stablecoins (U-Card) to buy Twitter blue verification. Such scenarios will become more common.
Bold prediction, or rather, at a visibly rapid pace, stablecoins originated in the crypto world but already possess the aura of a global payment industry infrastructure king.