DeFiLlama’s October 28 snapshot puts Tether at the top of crypto’s weekly revenue rankings: $121.23 million in 7 days. Circle, the issuer of USDC, came second at $48.11 million. Together, the two stablecoin companies booked $169.34 million, while decentralized exchange spot volume fell 11.3% over the same week.
The mechanics are different from a trading venue. Tether’s core engine is income on the reserves backing USDT, chiefly short-dated U.S. Treasury bills and other cash-like assets. With a large reserve base, even ordinary yields can translate into very large weekly revenue. Circle also benefits from reserve income, but revenue-sharing and distribution arrangements with partners weigh on its economics, helping explain the gap between the two issuers.
So this snapshot shows stablecoin issuers leading the weekly table even as DEX spot activity cooled. The caveat is that this is a 7-day view, not a guarantee the ranking holds.