Tether's USDT stablecoin lost $4.6 billion in supply across 19 major cryptocurrency exchanges and lenders during the third quarter of 2026, as rivals including Circle's USDC and Ripple's RLUSD gained ground through incentive programs that reward platforms and customers for holding their tokens.
company
Circle
Issuer of the USDC stablecoin
Stablecoin issuer Circle has defended its business model against competitors offering distribution partners a larger share of reserve income. The company's Chief Commercial Officer Kash Razzaghi disclosed that Circle kept roughly seven cents of profit per dollar of revenue in the first half of 2026.