Tether, Tron, and Circle Generate Nearly $900M in Monthly Crypto Revenue

Key Takeaways:

• Tether remains the top-earning crypto project with $437.4 million in revenue.
• Tron and Circle secured the next two spots, driven by stablecoin usage and network activity.
• Ethereum’s revenue jumped 61%, while Base recorded the fastest growth with a 102% surge.

Stablecoin Issuers Stay on Top

According to on-chain data, Tether (USDT) generated approximately $437.4 million in revenue over the last 30 days — maintaining its long-held lead in the industry despite a slight 2.1% decline from the previous month.

Tron (TRX) followed with $227 million, also down slightly, while Circle, the issuer of USDC, EUROC, and USYC, recorded $222.5 million in revenue, marking a 0.6% increase month-over-month.

Tether and Circle’s strong performance continues to be fueled by high interest income from reserve assets and sustained global demand for stablecoins, which remain key gateways for digital payments and cross-border settlements. Tron’s second-place finish reflects its role as the dominant network for USDT transactions, with unparalleled activity in transfer volume.

Rising Activity on Base and Ethereum

While stablecoins captured the top revenue spots, Ethereum and Base were among the fastest-growing earners. Ethereum’s monthly income rose 61.6% to $19.6 million, thanks to renewed on-chain activity and higher gas fees.

Base, Coinbase’s Layer 2 network, saw its revenue more than double (+102.7%) to $10.3 million, signaling growing traction in DeFi and memecoin trading.

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Trading and DeFi Platforms Experience Mixed Results

Decentralized exchanges and lending protocols reported more modest figures. PancakeSwap (CAKE) brought in $49.8 million, Aave (AAVE) earned $13.9 million, and Lido Finance (LDO) collected $8.3 million, with all three seeing small monthly declines.

Newer platforms such as Hyperliquid (HYPE) and pump.fun (PUMP) showed strong early momentum but sharp volatility — Hyperliquid’s revenue grew 8% to $104.3 million, while pump.fun fell 36.7% to $28.1 million.

Dominance of Stablecoin Economics

Overall, the report highlights a clear theme: stablecoin issuers and high-throughput networks continue to capture most of the ecosystem’s revenue. Interest-bearing reserves and transfer-based fees remain the most sustainable revenue engines, even as speculative activity on trading platforms fluctuates.

With Tether, Tron, and Circle collectively generating nearly $900 million in a single month, the data reaffirms the central role of stablecoins in the evolving digital economy — bridging liquidity, payments, and yield opportunities across both centralized and decentralized markets.

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