USDT’s Fee Dominance: Tether Outpaces Circle by Over 200% in 30-Day Revenue
In a striking display of market dominance, Tether (USDT) has generated a staggering $620 million in fees over the past 30 days, as reported by CryptoRank. This figure starkly overshadows Circle's $199 million, underscoring Tether's commanding lead in the stablecoin sector. The revenue gap between the two giants exceeds 200%, solidifying Tether's position as the undisputed leader in transaction fee generation. Beyond stablecoins, decentralized exchanges like PancakeSwap also showcased robust performance, securing third place with $141 million in fees. This data, current as of August 2025, highlights the growing influence of USDT and the broader crypto ecosystem's financial dynamics.
Tether Dominates 30-Day Fee Generation, Leaving Circle in the Dust
Tether has generated $620 million in fees over the past 30 days, according to CryptoRank. This figure dwarfs Circle's $199 million, highlighting Tether's dominance in transaction fee revenue. The gap between the two stablecoin issuers exceeds 200%, reinforcing Tether's market leadership.
Decentralized exchanges and liquidity protocols also performed strongly. PancakeSwap ranked third with $141 million in fees, followed by Uniswap at $117 million and MeteoraAG at $106 million. The fee generation underscores Tether's central role in stablecoin transactions, exchange trades, and cross-chain settlements.
Tether's USDT continues to benefit from high trading volumes and growing demand across both DeFi and CeFi markets. While Circle maintains a stronger regulatory position, its fee revenue remains less than a third of Tether's haul. The disparity illustrates the entrenched network effects favoring the dominant stablecoin issuer.
USDC Dominates as Crypto Salary Payments Triple in 2024, Pantera Survey Shows
The adoption of cryptocurrency for salary payments has surged over the past year, with USDC emerging as the preferred choice for payroll among blockchain-native firms and DAOs. Pantera Capital's 2024 Blockchain Compensation Survey reveals that 9.6% of respondents now receive part of their wages in digital assets, up from just 3% in 2023.
Stablecoins dominate crypto-based compensation, with USDC accounting for 63% of all crypto salaries. USDT follows at 28.6%, while other tokens like Solana (SOL) and ethereum (ETH) represent minor shares. The shift reflects growing institutional comfort with digital assets, particularly for cross-border roles and decentralized ecosystems.
The trend coincides with a decline in exclusive fiat payments, dropping from 97% to 89.1% year-over-year. "Our mission is to support the long-term success of both our portfolio companies and the broader crypto ecosystem," Pantera Capital noted, highlighting the need for reliable compensation data in the space.
Stablecoin Volume Hits Record $1.5T in July, Signaling DeFi Revival
Decentralized finance is staging a comeback, with stablecoin activity reaching unprecedented levels. On-chain volume surged to $1.5 trillion in July 2025—the highest monthly figure ever recorded—according to blockchain analytics firm Sentora. This marks a dramatic rebound from January's $950 billion, underscoring stablecoins' pivotal role in DeFi's resurgence.
Ethereum's rally toward $4,000 and regulatory clarity have reignited interest across the ecosystem. USDC dominates DeFi usage, while USDT maintains its lead in overall supply. The momentum extends into August, with nearly $200 billion in transactions processed within the first five days alone.
Total Value Locked in DeFi protocols has climbed to a three-year high of $179 billion, driven by liquid staking inflows and ETH's upward trajectory. The data paints a clear picture: stablecoins are becoming the backbone of on-chain transactions as the sector regains its footing.
