Tether and Circle Control 70% of Crypto Revenue – But New Players Are Catching Up

The surge highlights how stablecoins and DeFi trading platforms are fueling fresh momentum across the sector.

Stablecoins Still Dominate the Revenue Race

Tether and Circle remained the industry’s revenue anchors, accounting for 70% of the top protocols’ earnings. Tether brought in $632.9 million, up $18.1 million from the prior month, while Circle added $206.4 million, a $8.8 million gain. Their steady growth cements stablecoins as the backbone of crypto’s fee economy.

DeFi Players Deliver Outsized Gains

While stablecoins ruled in absolute revenue, the biggest percentage gains came from newer DeFi platforms. Ethena exploded by 243%, jumping from $9.46 million to $32.5 million as its synthetic stablecoin USDe drew users away from traditional dollar-pegged tokens. Pump.fun, Solana’s memecoin launchpad, grew 79% to $40.4 million, raking in $17.8 million more as speculative token creation remained in high gear.

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Hyperliquid also stood out, posting a 26% increase to $104.3 million as perpetual futures trading volumes rose. Sky Protocol climbed 77.5% to $17.9 million, while Jupiter advanced 23.5% to $27.1 million, both riding Solana’s active ecosystem. Tron added 11.6% with $62.7 million in revenue, and Phantom wallet improved 9.5% to $22.8 million.

Not All Winners

Axiom was the lone laggard, shedding nearly 14% of its revenue to land at $53.5 million, making it the only protocol in the top 10 to post a monthly decline.

Market Context

The rebound in protocol earnings mirrors the broader crypto market recovery, with user activity pushing fees higher across DeFi, stablecoins, and trading apps. With new players like Ethena and Pump.fun climbing the charts, the sector’s revenue mix shows that innovation and speculation continue to fuel growth even as stablecoins dominate the foundation.

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