CryptoSlate analysis indicates that the same Federal Reserve interest rate hike can have divergent effects on different crypto-native businesses. Higher rates can boost returns for stablecoin issuers like Circle, whose reserve income (95.2% of Q2 2026 revenue) tracks short-term rates like SOFR. Conversely, companies borrowing to acquire Bitcoin face increased interest expenses, potentially eroding their economics. The analysis highlights that different interest rates impact businesses through their specific contracts, challenging the notion that all Treasury yield movements uniformly signal easier or harder money for the entire crypto industry. The Fed's September 16 decision to raise its target range by 25 basis points to 3.75%-4% further amplified this split.