Follow up to previous tweet: afaik the only profitable businesses in crypto are 

- exchanges
- some NFT marketplaces although it looks increasingly like their take rate is going to 0%
- metamask/consensys
- (maybe) some node infra providers

anything else?

co-founder stelo.com. theoretical cs phd dropout. into math, music, ml, macro, markets, surfing, writing amandhesi.net

Building @kiwi 
Writing @ https://kanfa.macbudkowski.com/

How are stablecoins profitable? By definition, they are just equal to USD. 

“The future is here — it’s just not evenly distributed.”  - William Gibson
https://nf.td/fblauer

They hold real dollars and get the yield from the bank/bonds

Apparently they aren't the same as USD. Go and look at the price of USDC. I rest my case. 

UST was a Ponzi, not a real stablecoin anyone used. Here is how it works for USDC. https://i.imgur.com/upZzNZz.jpg

Stablecoins do not hold real dollars. They are synthetic version of real dollars with the associated risk. Ask UST holders. How does that make them more profitable than real dollars, adjusted for risk? Also the on-off ramps are getting choked off by the SEC in the US. 