News · DeFi
Tether logged $500.25 million and Circle generated $204.75 million in monthly protocol revenue, outpacing decentralized applications and major blockchains.
Key point 1 of 3
01
Tether generated $500.25 million and Circle earned $204.75 million in 30-day protocol revenue via reserve yields.
Key point 2 of 3
02
Hyperliquid and Pump retained $55.16 million and $52.47 million over 30 days, leading decentralized applications.
Key point 3 of 3
03
Ethereum burned $3.62 million in fees over 30 days, trailing Tron's $23.39 million and Canton's $48.71 million.
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.
Why it matters
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.
What to watch
Federal Reserve monetary policy and broader interest rate shifts will directly impact the yield margins underpinning Tether and Circle's reserve revenues.
Sources
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