I was puzzled about Tether’s profit model because they sell Tether at 1$ and buy at same price.
But now it’s very clear that they had a very ambitious plan: cooperated with big exchange, print Tether from thin air, pump the BTC price then make a lot of money by holding/selling BTC, also they can redeem the Tether with profit.
The difference between Nu and Tether is: They have much more capital and can manipulate BTC price while our tiny Nu can only use BTC as trade pair.
Tether will never become a long term success, we must find our way to become the first Hayek money issuer.