Tether and Circle are profiting from high-interest rates while stablecoin holders receive no returns, leading to a growing demand for yield-sharing options. New platforms like M^0 and Agora are emerging to allow stablecoin infrastructure that routes yield to users, highlighting a shift in the stablecoin market towards real-world applications. As competition increases, traditional stablecoin issuers may face pressure to adapt or risk losing users to alternatives.