According to fresh on-chain revenue data from DeFiLlama, Tether — the issuer of USDT, the world’s largest stablecoin — generated nearly $1 billion in fees over the past 30 days. It’s a staggering figure that underscores USDT’s unparalleled reach and rapid expansion across exchanges, blockchains, remittance networks, and global commerce.

With over $120 billion in circulating supply, USDT is now not just a crypto asset — but one of the world’s most widely used digital dollars.

Here’s what’s driving the explosive fee growth.

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USDT Fees Hit Nearly $1B: What’s Behind the Surge?

Tether earns revenue primarily from:

Transactional Fees Across Blockchains

USDT is active on more than a dozen networks including:

• Tron
• Ethereum
• Solana
• BNB Chain
• Polygon
• Ton
• Avalanche

Tron and Ethereum alone account for over 80% of USDT volume, with daily on-chain transfers exceeding $50–100 billion.

More transfers = more fees.

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Interest Income on Reserves

While not classified as “fees,” Tether earns billions annually from:

• U.S. Treasury yields
• Overnight repo markets
• Cash equivalents

This revenue structure strengthens the balance sheet and reduces risk during market volatility, boosting demand for USDT.

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Exploding Global Use Cases

USDT is now a major economic rail for:

• Cross-border payments
• Emerging market remittances
• Dollar hedging in inflation-hit countries
• Stable settlement for exchanges and brokers
• OTC desks and payment processors
• Real-world commerce in Asia, Africa, LATAM, and the Middle East

Large adoption = large recurring fees.

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USDT Dominates 75% of All Stablecoin Supply

USDT currently controls:

• 75% of the global stablecoin market
• Over $20 billion in daily trading volume
• More volume than Bitcoin, Ethereum, and all other stablecoins combined

USDC and DAI have grown — but they are nowhere near USDT’s network effects.

This dominance directly translates into higher operational and processing revenues.

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Why Tether’s Revenue Matters for Crypto

Tether’s ability to generate nearly $1 billion in 30 days has broader implications:

✔ Reinforces confidence in its reserves

More revenue = stronger backing = greater stability.

✔ Demonstrates real-world utility

USDT is increasingly used outside crypto, especially in countries with unstable local currencies.

✔ Positions Tether as a global financial institution

Fees at this scale rival major fintech companies.

✔ Expands stablecoin infrastructure

Higher revenue enables:

• Blockchain partnerships
• Real-world asset integrations
• Institutional expansion
• Global payment system growth

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Is USDT Becoming Too Dominant?

While Tether’s success is undeniable, risks exist:

⚠ Centralization concerns
USDT relies heavily on Tron — critics warn about regulatory dependence.

⚠ Regulatory pressure
U.S. and EU regulators continue monitoring stablecoins as systemic financial instruments.

⚠ Market concentration
Tether’s dominance may hinder competition and innovation in the stablecoin sector.

Still, Tether’s transparency reports and growing balance sheet have improved market trust significantly.

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What’s Next for USDT?

Based on current velocity, Tether is on track to:

• Exceed $10–12 billion in annualized revenue
• Expand deeper into RWA markets
• Integrate with major fintech rails
• Push further into Asia, Africa, and LATAM payments
• Enhance cross-chain interoperability

Stablecoins are becoming global money — and USDT is leading the charge.

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Conclusion

With nearly $1 billion in fees generated in just 30 days, USDT continues to cement itself as the most dominant digital dollar in the world — powering global payments, DeFi liquidity, and exchange volume at a scale no competitor currently matches.

The data is clear:

Tether isn’t slowing down — it’s accelerating.