- A comparison of revenue between stablecoin issuers, stablecoin transport layers, and trading infrastructure suggested Tether was in the lead.
- Tether is profiting from BTC and the $1 trillion in USDT transfers to launch a new blockchain project named Stable with a partner, Bitfinex.
Apart from offering exposure to cryptocurrency customers, stablecoins are expanding their application with integration into payments by major tech companies.
That way, issuers like Tether [USDT] and Circle are advancing their scope following huge revenues and greater adoption.
Revenue generation and record stablecoin transfers
Tether continues to dominate the crypto and blockchain space, generating high revenue from fees. In the past thirty days, Tether earned $432.5 million, more than double of Circle’s $193.8 million.
Circle posted $1.4 billion in revenue for 2024 and was valued at $16.7 billion after its IPO. However, Tether far outperformed, with $14 billion in 2024 revenue.
If valued by similar metrics, Tether’s market cap could skyrocket, placing it among the world’s top firms.
Source: Token Terminal
Notably, Tron [TRX] led stablecoin transport fees, generating $345.8 million, far surpassing decentralized exchanges and MEVs.
During the same period, Uniswap earned $75.6 million, achieving an impressive 62.9% growth, while Solana-based Jito collected $61.6 million.
Despite high trading activity, Tether and Circle remained dominant, profiting from issuance and float profits, securing their lead in crypto finance.
Beyond revenue, Tether achieved a major milestone, surpassing $1 trillion in monthly on-chain transfers for the first time.
This solidified USDT as one of the most widely used assets in the crypto industry.
Source: Token Terminal
At the same time, Tether’s Lending Collateral Custody wallet moved an equivalent of 200 BTC valued at $20.88 million to Binance. In fact, after Bitcoin reached $100K again, this wallet withdrew 1,650 BTC, which got here to a complete value of $174.7 million.
The rise in Bitcoin deposits by Tether fits with the company’s strategy to make use of market trends and keep its top position in transactions.
Tether to launch ‘Stable’ blockchain
Meanwhile, Bitfinex and USDT0—Tether’s Layer Zero-powered USDT—are backing Stable, a new project preparing for launch.
Tether’s CEO, Paolo Ardoino, is involved as an advisor.
Unlike most stablecoin platforms, Stable targets businesses rather than retail users and uses USDT as its gas token.
Since USDT plays a key role in Stable’s transaction technology, the project could help integrate stablecoins into business operations.
This could potentially drive the growth of stablecoins-supported blockchain networks.
Source: X
Although the developers of Stable chose to stay hidden, the team was made up of engineers in blockchain, entrepreneurs in finance, and cryptocurrency experts.
