[Stablecoin Insider] How do Stablecoin issuers make money?

How do stable coin issuers make money?, even when they have to maintain 1:1 reserves?

Depending on their business model, primary and secondary sources:

1. Reserve yield (interest earnings from T-bills/Bank deposits, reverse repo and Govt MMFs)

2. Mint/Redeem fees (small fees on mint/redeem from institutions/partners)

3. Platform/API fees (paid access to dashboards, payout service, reporting, etc)

4. Network surcharge (Fixed small fees to cover on-chain gas/relayers on certain chains)

5. FX & Spread revenue (tiny gap between buy/sell prices).

# 3 major stablecoins – USDT, USDC & USDe earn from above sources.