SOLANA'S $500M STABLECOIN LEAK

Summary from the TLDR Crypto newsletter

Solana's $14.5B in USDC and USDT supply generates roughly $580M in annual interest for Circle and Tether, none of which returns to Solana. This interest, reinvested by issuers and their partners like Coinbase and Base, effectively subsidizes rival ecosystems while Solana earns nothing. Unless Solana coordinates around yield-bearing and ecosystem-aligned stable assets, it will continue to fund competitors' growth.