Tether Tops Crypto Service Revenue With $118 Million Week
Key Takeaways
- •Tether earned $118 million in revenue over a rolling seven-day window, topping a weekly ranking of cryptocurrency service providers published on November 4.
- •Circle placed second in the same aggregation with $47.38 million in weekly revenue, a figure that was less than half of Tether's total.
- •Stablecoin issuers generate most of their revenue from reserve assets held primarily in cash equivalents and short-term instruments such as U.S. Treasury bills.
- •Reserve-derived income for stablecoin issuers rises and falls with interest rates and with the size of each issuer's outstanding token supply.
- •Tether's USDT is the largest stablecoin by market capitalization, while Circle's USDC ranks second and Circle is listed on the New York Stock Exchange under the ticker CRCL.
Tether (USDT) booked $118 million in revenue over the past seven days, the largest figure among cryptocurrency services in the latest revenue aggregation published on Wednesday, November 4. The stablecoin issuer finished ahead of Circle, the company behind USDC, which took second place at $47.38 million.
Stablecoins Anchor the Week's Revenue Table
The figures place the two largest dollar-pegged stablecoin issuers at the top of the weekly ranking. Tether's USDT is the largest stablecoin by market capitalization and the most widely used dollar-pegged token across cryptocurrency trading venues, while Circle's USDC ranks as the second-largest.
Stablecoin issuers derive the bulk of their revenue from the reserve assets backing their tokens, which are held primarily in cash equivalents and short-term instruments such as U.S. Treasury bills. Income from those reserves rises and falls with interest rates and with the size of each issuer's outstanding token supply, making the weekly totals a snapshot of how those two inputs are tracking for each issuer.
Tether, the issuer of USDT, periodically publishes attestations of its reserve holdings, and its tokens circulate across both centralized exchanges and public blockchain networks. Circle, the issuer of USDC, is a publicly listed company on the New York Stock Exchange under the ticker CRCL, and positions USDC as a fully reserved dollar stablecoin — a status that makes its financial results available through routine public-company disclosures.
Context
The weekly aggregation compares revenue generated by cryptocurrency service providers, with stablecoin issuers occupying the leading positions in the November 4 snapshot. The published data covered a rolling seven-day window, with Tether's $118 million total more than double the $47.38 million recorded by Circle. Subsequent weekly snapshots on the same rolling window would show how any movement in short-term interest rates or in the two issuers' outstanding token supplies flows through to their reserve-derived income.
This content was first published on COINOTAG: https://en.coinotag.com/tether-usdt-tops-crypto-service-revenue-118m-week.
