Tether and Circle blow past rivals in crypto revenue rankings

Tether and Circle are running away with the crypto revenue race. According to Cointelegraph, the two stablecoin giants sit at the top of the industry's revenue rankings and are beating other protocols by a wide margin.

The update, posted by the outlet on X, frames the pair as the standout earners across crypto — a ranking that puts the issuers of the two largest stablecoins ahead of the rest of the field.

That both companies land at the top is not a shock to anyone watching the stablecoin business. Tether issues USDT and Circle issues USDC, and both earn from the reserves backing those tokens, which are held in cash and cash-equivalent assets. The bigger the circulating supply, the bigger the base those reserves sit on.

Stablecoins have become one of the few corners of crypto with a steady, recurring revenue line. Tether and Circle's dominance in the ranking underscores how much of the industry's actual income now flows through dollar-pegged tokens rather than the trading and lending protocols that once defined the sector.

The outlet did not detail the size of the gap or the methodology behind the rankings. What is clear from the post is the pecking order: Tether first, Circle close behind, everyone else noticeably further back.