Tether’s protocol revenue over the past 30 days is $507 million, or about $1 per month.
This is DefiLlama’s figure (as of 10/3). In the same period, Circle was $208 million—Tether is 2.4 times that.
Looking further down, the gap gets even bigger: the third-highest on-chain revenue comes from Hyperliquid’s perpetual futures contract, at $54 million; pump.fun at $34 million; and TRON at $24 million.
Tether alone has more than the combined total of ranks 3 through 10.
Where does the money come from? The issuer uses the dollars obtained by having users exchange for USDT to buy short-term U.S. Treasuries, and keeps the interest.
The higher the U.S. Treasury yield, the more profitable this business is—and the 10-year Treasury yield just this week touched 5.34%, the highest level in 24 years.
So when Stripe’s OUSD launches, it immediately says it will share reserve earnings with distribution partners: what it’s after isn’t “issuing tokens,” but this interest.
Do you think Tether will start distributing profits in order to defend its market share?
This is DefiLlama’s figure (as of 10/3). In the same period, Circle was $208 million—Tether is 2.4 times that.
Looking further down, the gap gets even bigger: the third-highest on-chain revenue comes from Hyperliquid’s perpetual futures contract, at $54 million; pump.fun at $34 million; and TRON at $24 million.
Tether alone has more than the combined total of ranks 3 through 10.
Where does the money come from? The issuer uses the dollars obtained by having users exchange for USDT to buy short-term U.S. Treasuries, and keeps the interest.
The higher the U.S. Treasury yield, the more profitable this business is—and the 10-year Treasury yield just this week touched 5.34%, the highest level in 24 years.
So when Stripe’s OUSD launches, it immediately says it will share reserve earnings with distribution partners: what it’s after isn’t “issuing tokens,” but this interest.
Do you think Tether will start distributing profits in order to defend its market share?