Tether Generated $19.6 Billion in Yield From USDT Reserves Since 2021, BSCN Says
The figure covers the period beginning in May 2021, which is the earliest point available in DefiLlama's data for the comparison. BSCN reported the figure in a post on X, highlighting the income generated by Tether's reserve assets over the period.
Circle, the issuer of USDC, generated approximately $7.4 billion from its stablecoin over a shorter period beginning in July 2022, according to the same data cited by BSCN.
Tether's Yield Reaches $19.6 Billion
DefiLlama's data shows that Tether generated about $19.6 billion in yield from the assets backing USDT between May 2021 and the time covered by the data.
The figure represents income associated with the assets supporting Tether's stablecoin rather than revenue from USDT transactions themselves. Tether issues USDT, a dollar-pegged digital asset designed to maintain a value of $1, and holds assets intended to back the tokens in circulation.
The duration covered by the data is an important part of the comparison. Tether's figure begins in May 2021, while Circle's begins in July 2022.
Circle's USDC Generated $7.4 Billion
Circle generated roughly $7.4 billion from USDC over the period tracked by DefiLlama beginning in July 2022, according to BSCN.
That figure is less than half of the $19.6 billion attributed to Tether over the longer period. However, the two totals cover different starting dates, meaning the figures represent different lengths of time.
The comparison nevertheless illustrates the scale of yield generated from the reserves backing the two major dollar-pegged stablecoins during the periods measured by DefiLlama.
BSCN's figures do not, by themselves, provide a breakdown of the specific assets responsible for the reported yield or indicate how the income was allocated by either company.]
Stablecoin Reserve Income Remains a Key Metric
Yield generated from stablecoin reserves has become an important financial metric for issuers because reserve assets can produce income while the corresponding stablecoins remain in circulation.
For Tether, the $19.6 billion figure covers activity dating back to May 2021, while Circle's $7.4 billion figure begins in July 2022. The differing timeframes should therefore be considered when evaluating the reported totals.
The data cited by BSCN provides a historical comparison of reserve-related yield for USDT and USDC through the periods covered by DefiLlama.
writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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