Tether and Circle Top $169M in Weekly Revenue

Stablecoin issuers Tether and Circle maintained the top two positions in DeFiLlama's revenue rankings, recording a combined $169.34 million over a seven-day period, according to data published on Oct. 28 by CryptoNews. The figures indicate stablecoin revenue remains largely anchored by reserve assets even as decentralized exchange activity slows down.

Revenue Breakdown and DEX Volumes

DeFiLlama's revenue table lists $121.23 million for Tether and $48.11 million for Circle, positioning them ahead of competitors such as Hyperliquid at $14.18 million and Pump at $13.04 million. Earlier snapshots circulating on X showed Tether at $121.55 million and Circle at $48.29 million, placing the two issuers in a separate category from derivatives venues and launchpads.

Simultaneously, DeFiLlama recorded an 11.30% decline in weekly decentralized exchange spot trading volume. Total spot exchange volume reached $5.554 billion daily and $210.029 billion over 30 days. Uniswap led the segment with $12.274 billion over seven days, followed by PancakeSwap at $5.801 billion and Aero at $3.829 billion.

Reserve Yields and Corporate Filings

Tether's revenue calculation encompasses yields collected from investments backing USDT, including U.S. Treasury bills, repurchase agreements, money market funds, and secured loans. Tether previously reported approximately $1.5 billion in profit for the second quarter, with assets totaling $187.75 billion and liabilities at $183.64 billion, leaving $4.11 billion in excess reserves.

Circle's revenue definition covers returns on USDC backing assets and fees generated from the Cross-Chain Transfer Protocol. The company reported $668 million in second-quarter reserve income, up 5% year-over-year, driven by a 25% rise in average USDC circulation. This growth was partially offset by a 66-basis-point decline in its reserve return rate. Furthermore, Circle disclosed that it generated nearly $1.4 billion in first-half revenue and distributed $819 million to distribution partners and transaction costs.

Key facts

• Tether and Circle recorded a combined $169.34 million in estimated revenue over a seven-day period according to DeFiLlama.
• DeFiLlama's revenue table lists $121.23 million for Tether and $48.11 million for Circle.
• DEX spot trading volume fell 11.30% on DeFiLlama's weekly measure.
• Circle reported $668 million in second-quarter reserve income, reflecting a 5% increase from the previous year.