Tether and Circle Lead Top 10 Crypto Protocols by Revenue

Tether and Circle together generated more than 70% of the monthly revenue among the top 10 crypto protocols tracked in 2026. The top 10 produced roughly $1 billion or more in combined monthly fees in the periods reviewed.

Tether’s monthly revenue was estimated at $418 million to $633 million, derived from yield on the reserves backing USDT. The company reported about $5.2 billion in revenue for full-year 2025. Circle’s monthly revenue ran about $197 million to $206 million, earned from yield on USDC reserves; Circle reported roughly $1.68 billion in 2025 and USDC supply grew 108% in 2025.

Tron registered an estimated $56 million to $63 million in monthly revenue, driven primarily by network fees on USDT TRC-20 transfers. Tron reported about $3.5 billion in revenue for 2025. Jupiter, a DEX aggregator on Solana, recorded roughly $21 million to $27 million in monthly revenue and showed a 23.5% increase in one tracked period as it routed stablecoin swaps across Solana automated market makers.

Onchain derivatives platforms accounted for a large share of remaining revenue. Hyperliquid, a fully onchain perpetual futures exchange, generated between $82 million and $104 million monthly and accounted for 36.4% of all DeFi fees in March 2026; it reported $193.5 billion in 30-day perpetual volume. EdgeX produced more than $23 million in 30-day revenue, with an annualized run rate near $284 million despite holding under $200 million in total value locked.

Retail-facing launchpads and trading products also appeared on the list. Pump.fun, a memecoin launchpad on Solana, produced $22 million to $40 million per month and reported $526 million in revenue for 2025 by charging fees on token launches and trade activity. Axiom, a trading platform that bundles execution with real-time onchain data, has generated more than $390 million in lifetime revenue since its 2024 launch and earned about $11 million to $15 million monthly in tracked periods.

Decentralized stablecoin and yield-bearing products were represented by Sky and Ethena. Sky, the protocol that evolved from MakerDAO, collected $10 million to $18 million per month from stability fees on DAI and USDS, with one period showing 77.5% monthly growth. Ethena, which issues a yield-bearing stablecoin USDe, reported monthly revenue between $9 million and $32 million and recorded a 243% revenue surge in a tracked period.

The ranking was compiled from onchain fee tracking and protocol financials for the 2025–2026 period. Protocol revenue figures reflect fees or yield retained by each protocol after any distributions to users or counterparties.