Tether has generated an astounding $620 million in fees based on the most recent report of the last 30-day fee generation by CryptoRank. This number is more than three times the amount raised by Circle at $199 million, depicting the sheer dominance of Tether as far as transaction fees are concerned.
In the wider market, the decentralized exchanges and liquidity protocols performed well. PancakeSwap has the third position of $141 million, followed by Uniswap with $117 million and MeteoraAG with $106 million.
Tether Tops Fee Charts
The $620 million in fees underlines the leading position of Tether in the transactions involving stablecoins and on-chain settlements.
Tether, the issuer of the most popular dollar-pegged token, USDT, benefits from exchange trades and lending platforms as well as cross-chain bridges. Its fees are based not just on high trading volume but also on rising demand in dollars as well as in DeFi and CeFi markets.
In comparison, Circle earned $199 million, or less than a third of the amount that Tether earned. Circle is in a much better regulatory position and has integrated onto some major payment rails, although it is still a very long way behind in terms of on-chain activity.
DeFi Platforms in the Top Ten
Decentralized exchanges rounded out the top of the leaderboard, with PancakeSwap earning $141 million in fees and Uniswap taking in $117 million in fees. The platforms have remained popular among traders who want to pay low fees and trade new tokens.
MeteoraAG and Jupiter Exchange were not far behind, as they both realized more than $99 million. HyperliquidX received $97 million.
Simultaneously, the top ten also featured staking and lending protocols. Lido Finance generated an income of $76 million due to liquid staking, and Aave acquired $69 million due to the lending pools.
Raydium Protocol was also the last on the list, with a fee of $62 million, which was boosted by the memecoin launches and trading on Solana.
Market Implications
The stark difference between Tether and Circle denotes the long-term dominance of top stablecoins in terms of transaction revenue. These rankings are bound to change as DeFi continues gaining adoption, and protocols that integrate high throughput and ease of use see an increase in their rankings.
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