I've always been curious about this, if you have a stable coin that's in the billions like some are, can't they just put the fiat into a bank account and live on the interest rate?
The Wall Street Journal "Cantor Fitzgerald helps manage $39 billion Treasury portfolio that makes up lion’s share of stablecoin’s reserves"
https://archive.md/HL307 (https://www.wsj.com/articles/wall-street-firm-oversees-billi...)
(I am NOT endorsing that company, Tether / Bitfinex, or suggesting that anybody invests in it in any way. Just agreeing that if you have a lot of money, then you might profit from it)
This would have been significantly harder e.g. in the Eurozone before 2020.