Tether Generates $620M in 30 Days, Surpasses Circle by 316% in Fee Earnings

Tether has firmly established itself as the leading stablecoin in terms of fee generation over the past 30 days, amassing a staggering $620 million in fees, according to data from CryptoRank [1]. This amount is more than three times the $199 million in fees generated by Circle, the issuer of USDC, underscoring Tether’s overwhelming dominance in the stablecoin and on-chain settlement sectors [1]. Tether’s success is attributed to its widespread adoption across exchanges, lending platforms, and cross-chain bridges, as well as its high trading volume and growing demand in both decentralized and centralized finance markets [1].

The performance of Tether reflects broader trends in the blockchain and DeFi ecosystems. Decentralized exchanges and liquidity protocols have shown strong activity among the top 10 fee generators. PancakeSwap, for instance, earned $141 million, securing third place, while Uniswap followed with $117 million in fees [1]. MeteoraAG and Jupiter Exchange both generated over $99 million, and HyperliquidX added $97 million to the list [1]. Meanwhile, staking and lending protocols also made their mark. Lido Finance earned $76 million from liquid staking, and Aave collected $69 million through its lending pools [1]. Raydium Protocol, the last on the list, brought in $62 million, driven by Solana-based memecoin trading and related activity [1].

This data underscores the current landscape of blockchain transaction revenue, where stablecoins and DeFi platforms continue to lead in usage and profitability. Despite Circle’s stronger regulatory profile and integration with major payment systems, it remains significantly behind Tether in terms of on-chain activity and fee generation [1]. Analysts suggest that as DeFi continues to evolve and protocols with high throughput and user-friendly features gain traction, these rankings may shift [1]. However, for the moment, Tether’s position appears unchallenged, reflecting its entrenched role in the crypto market [1].

Source:

[1] Tether Dominates 30-Day Fee Generation, Leaving Circle in the Dust (https://blockchainreporter.net/tether-dominates-30-day-fee-generation-leaving-circle-in-the-dust/)