---
title: "Tether and Circle Lead Crypto Revenue Rankings as Stablecoins Dominate"
description: "Tether logged $500.25 million and Circle generated $204.75 million in monthly protocol revenue, outpacing decentralized applications and major blockchains."
url: https://basisdesk.news/news/tether-circle-lead-protocol-revenue-defillama
published: 2026-09-28T12:15:50.542Z
modified: 2026-09-28T12:15:50.542Z
section: DeFi
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: neutral
tickers: [USDT, USDC, ETH, TRX, UNI, HYPE]
tags: [stablecoins, protocol-revenue, defi, tether, circle, hyperliquid]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

# Tether and Circle Lead Crypto Revenue Rankings as Stablecoins Dominate

Tether logged $500.25 million and Circle generated $204.75 million in monthly protocol revenue, outpacing decentralized applications and major blockchains.

## Key points

- Tether generated $500.25 million and Circle earned $204.75 million in 30-day protocol revenue via reserve yields.
- Hyperliquid and Pump retained $55.16 million and $52.47 million over 30 days, leading decentralized applications.
- Ethereum burned $3.62 million in fees over 30 days, trailing Tron's $23.39 million and Canton's $48.71 million.

## Editorial remark

- **Context:** High-interest macro environments have turned reserve-backed stablecoin issuers into the most profitable entities in crypto, as underlying asset yields far exceed on-chain transaction fees.
- **Impact:** Decentralized finance protocols are shifting value capture directly to token mechanics, as seen in Uniswap's multi-chain fee switch buybacks and Hyperliquid's Assistance Fund token purchases.
- **Watch:** Federal Reserve monetary policy and broader interest rate shifts will directly impact the yield margins underpinning Tether and Circle's reserve revenues.

Stablecoin issuers Tether and Circle continue to capture the vast majority of on-chain and crypto-adjacent protocol revenue, according to DefiLlama data updated on Sept. 28 [1]. Tether generated $17.55 million in revenue over a 24-hour period, lifting its 30-day haul to $500.25 million from yields on investments backing $USDT, such as U.S. Treasury bills, repos, commercial paper, and secured loans [1]. Circle followed with $7.25 million over 24 hours and $204.75 million over 30 days, earned across cash-equivalent reserves and Cross-Chain Transfer Protocol fees [1].

Outside of fiat-backed asset issuers, specialized trading infrastructure captured significant cash flows. Token launchpad Pump generated $2.46 million in daily revenue and $52.47 million over the trailing 30 days across its bonding curve cuts, terminal charges, and mobile app swaps [1]. Perpetual exchange Hyperliquid recorded $1.34 million in 24-hour revenue and $55.16 million over 30 days, routing the majority of derivative and spot order book fees to its Assistance Fund to buy $HYPE tokens [1].

## Base-Layer Fees Lag Behind Application Yields

Base layer networks registered comparatively modest fee revenue. Ethereum permanently burned $443,602 in $ETH base and blob fees over 24 hours, bringing its 30-day burn revenue to $3.62 million [1]. Tron burned $521,586 in $TRX fees over the same daily window, reaching $23.39 million over the month [1]. Meanwhile, Canton logged $1.88 million in daily fee burns and $48.71 million over 30 days [1].

Decentralized exchange Uniswap brought in $347,857 over 24 hours and $15.67 million over 30 days as fee-switch mechanisms across versions V2, V3, and V4 directed revenue toward buying back and burning $UNI across multiple networks [1]. Other notable revenue producers included World Liberty Financial, which gathered $416,723 in daily yields from USD1 reserves invested in Fidelity money market funds, and prediction platform Polymarket, which retained $323,558 over 24 hours after distributions [1].

## Sources

1. [Protocol Revenue Rankings - DeFi Fees Retained - DefiLlama](https://defillama.com/revenue) — defillama.com, 2026-09-28

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Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai