Update
Tether Ranks First in Daily Revenue on DefiLlama
Tether, the issuer of USDT stablecoin, topped the 24-hour revenue rankings on DefiLlama, outpacing both Tron and Circle. Tether's daily revenue of $16.4 million was generated from off-chain yields on its reserves, which include US Treasury bills and repurchase agreements. This revenue is separate from on-chain transaction fees. Tether's monthly revenue has ranged from $490 million to $522 million, with an annualized run rate of around $5.96 billion to $6.3 billion. Tron, which processes the majority of USDT settlement volume, showed up in the rankings with $555,000 in 24-hour revenue, which is chain revenue.