Tether and Circle Lead Seven-Day Revenue With $169.34 Million

Tether and Circle led a seven-day protocol revenue tally with $169.34 million combined in an Oct. 28 snapshot, while spot decentralized exchange (DEX) volume fell 11.3% on a separate weekly measure. Tether accounted for $121.23 million and Circle for $48.11 million, placing the stablecoin issuers first and second, respectively, in the ranking. The figures reflect different revenue streams. Tether's measure tracks returns on assets backing Tether (USDT), including U.S. Treasury bills, repurchase agreements, commercial paper, money market funds and secured loans. Circle's includes returns on assets backing USD Coin (USDC) and fees from its Cross-Chain Transfer Protocol.