Tether generated approximately $16.4 million in revenue over a 24-hour period, according to DefiLlama dashboards reviewed in late October 2026. The amount came almost entirely from yield on the reserves backing USDT rather than from blockchain transaction fees. It exceeded revenue generated by Circle, which also earns primarily from the yield on US Treasury bills and repurchase agreements held as reserves. Over 30 days, Tether recorded between $490 million and $522 million in revenue, equivalent to an annualized run rate of $5.96 billion to $6.3 billion. Tron, which hosts an estimated $92 billion in USDT supply, generated about $555,000 in transaction fees over 24 hours.
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