Tether co-founder: Stablecoins will enter the 2.0 era, and in the future, users should share in reserve earnings

According to FinanceFeeds, Tether co-founder Reeve Collins stated that the stablecoin industry is entering the "2.0 era." Currently, the stablecoin infrastructure still has structural issues, and the next-generation solutions need to address the problem of users not being able to earn returns on reserve assets. The core logic of the stablecoin 1.0 model is "users provide 1 dollar, and the issuer issues 1 token," but users only gain the convenience of payments and transfers without sharing in the reserve earnings. In the future, financial services will gradually become infrastructure, and "users will not care which bank sends the funds," while AI agents may choose different financial ecosystems based on user interests. The next phase of competition in stablecoins will revolve around financial infrastructure and revenue distribution models.

Regarding regulatory issues, Reeve Collins disclosed that he still holds Bitcoin for the long term, while also pointing out that dollar stablecoins essentially remain an extension of the U.S. financial system, which carries regulatory reach risks and differs from central bank digital currency (CBDC) models, the latter of which may bring stronger programmability and financial monitoring capabilities.