Tether and Circle Lead Weekly Revenue as DEX Volume Falls
Tether and Circle generated a combined $169.34 million in estimated revenue over seven days, according to DeFiLlama’s Oct. 28 data. Tether recorded $121.23 million and Circle $48.11 million, well ahead of Hyperliquid and Pump. The figures largely reflect returns on assets backing USDT and USDC, rather than trading fees alone.
The revenue strength contrasts with weaker decentralized exchange activity. DeFiLlama’s weekly spot DEX volume measure fell 11.30%, while total fees across its dashboard declined 8.87% week over week.
Circle reported $668 million in second-quarter reserve income, up 5% year over year, as average USDC circulation grew 25%. That growth was partly offset by a 66-basis-point drop in reserve yields. The company also said it spent $819 million on distribution partners and transaction costs in the first half of 2026.
For crypto traders, the data highlight stablecoin issuers’ reliance on reserve income and the contrast between resilient issuer revenue and softer DEX activity. Lower interest rates could weigh on future reserve earnings, while falling trading volumes may signal reduced activity across decentralized markets.
Neutral
The figures are mixed and do not point to a clear, immediate directional catalyst for the broader crypto market. Tether and Circle’s high estimated revenue reflects returns on reserve assets, while the 11.30% weekly decline in DEX spot volume and 8.87% drop in dashboard fees suggest softer on-chain trading activity. The revenue rankings are therefore more relevant to stablecoin business models than to near-term token price direction.
In the short term, traders may read falling DEX volume as a sign of reduced market participation, which can mean weaker fee generation and thinner liquidity in some DeFi markets. However, the reported issuer revenue and USDC circulation growth do not indicate an immediate loss of confidence in stablecoins. As in past periods when trading volumes fell but stablecoin supply remained resilient, the data can signal subdued risk appetite without necessarily triggering broad market selling.
Over the longer term, reserve income remains sensitive to interest rates. Circle’s second-quarter results already show that lower reserve yields can offset circulation growth. If rates fall further, issuer earnings could weaken; sustained stablecoin growth and distribution partnerships could partly cushion that effect. Traders should monitor DEX volumes, stablecoin supply, reserve yields and broader market liquidity. On balance, the article presents offsetting signals, supporting a neutral assessment rather than a clear bullish or bearish call.