Tether is probably the most worthwhile cryptocurrency, nevertheless it’s not even shut. Over the previous 30 days, it maintained income of $481.74 million, in comparison with second place Circle’s $193.08 million. Canton (@CantonNetwork) is third with $56.1 million, lower than one-eighth of what Tether owns.
There’s a price, however the price is sort of irrelevant. Circle recorded $653 million of its $694 million in income within the first quarter of 2026 as reserve earnings, Treasury invoice curiosity, and money again. $USDC. All different prices, together with cross-chain transfers, amounted to $42 million. Float is a enterprise. Quantities used are rounded off.
Why are charges, income, and revenue three totally different numbers?
DefiLlama splits the information into two pages, and the hole between them turns into the story.
Charges are paid by the consumer. Income is what the protocol retains after paying liquidity suppliers, stakers, rebates, and referral cuts. For many corporations on the board, the hole is massive. For the highest two, it is virtually non-existent. Tether’s charges and 30-day earnings would be the similar, and Circle will preserve $193.08 million of the $193.97 million raised.
The retained quantity shouldn’t be but revenue. Firms have employees, servers, legal professionals, and compliance prices. A protocol could distribute its income on to token holders via buybacks or burns, however it is a profit to the holders and never income to the corporate. Learn leaderboards as money movement, not income.
30 day leaderboard
Rating by retained earnings as of July 15, 2026:
- tether (Stablecoin issuer): $481.74 million
- circle (Stablecoin issuer): $193.08 million
- canton (Chain): $56.1 million
- superfluidity (PERPS DEX): $44.31 million
- pump (Launching pad): $28.25 million
- tron (Chain): $26.33 million
- Polymarket (Prediction market): $22.36 million
The next 11 names underneath Circle add as much as $242.91 million. Tether alone makes practically twice that quantity.
Why do stablecoin issuers win?
There’s little to be gained from asking folks to commerce. That comes from what the reservists get whereas sitting there.
@Tether runs the best enterprise within the trade. It takes in {dollars}, points tokens, deposits the {dollars} in short-term treasury payments, and holds the curiosity. By the tip of 2025, $122 billion of the $193 billion in complete property will likely be in U.S. Treasuries, backed by greater than $186 billion in authorities debt. $USDT There are $6.3 billion in extra reserves in circulation.
The one quantity on that leaderboard is its curiosity earnings. Revenue is one other matter. Of the $5.7 billion Tether earned within the first half of 2025, $3.1 billion was present reserve earnings and $2.6 billion was gold and gold mark-to-market positive factors. Bitcoin It sits subsequent to the Treasury Division. The income desk shows the primary quantity, not the second.
@maru runs the identical engine utilizing a public steadiness sheet to visualise prices. Full-year gross sales and reserve earnings rose 64% to $2.7 billion, however the firm nonetheless posted a internet loss from persevering with operations of $70 million, harm by $424 million in inventory compensation associated to IPO vesting. The primary quarter 2026 monetary outcomes present the place that cash really went. $407 million of the quarter’s income was spent on distribution, transaction and different prices. Internet earnings was $55 million.
This can be a nuance that can not be displayed within the income column. Circle posts $193 million per thirty days on leaderboards. In accordance with the corporate’s personal filings, many of the reserve yield is leaving the constructing, with a lot of it going to Coinbase.
The underlying buying and selling enterprise
Beneath Writer, the rating adjustments relying on the column you type on.
@pump fan took in $74.47 million in consumer charges in 30 days. That is the third largest price in 30 days after Uniswap. About 38% of that, or $28.25 million, was retained, with the remaining going to creators, cashbacks, and buybacks.
@hyperliquidX It collected $62.19 million and retained $44.31 million. This was the very best conversion of any buying and selling venue on the desk. Nearly all of it’ll go to a help fund to purchase $HYPE on the open market. The protocol earns onerous and spends it by itself tokens. There are advantages for holders. Within the conventional sense, the corporate doesn’t provide banks.
@polymarket Of the $48.35 million paid, $22.36 million was retained. This exhibits that prediction markets have change into much less of a novelty and extra of an precise fee enterprise.
@Uniswap That is the obvious instance of why charges are deceptive. Prior to now 24 hours, it ranked third with $5.97 million throughout its tariffs throughout 47 chains. It is not even within the high 13 by income, and its record ends at $270,270. Uniswap collects extra from its customers than most different protocols for cryptocurrencies, however lower than 5% of it as a result of the remaining belongs to liquidity suppliers.
Chains are on the reverse finish of the spectrum. Canton and Tron (@Trondao) To fully burn via the charges, the income line matched precisely the price line, throwing out $56.1 million and $26.33 million. Nobody collects a paycheck from it. If there’s a worth, that worth will likely be displayed within the provide.
What about exchanges?
The entire above are on-chain. The world’s largest cryptocurrency enterprise is not even on that chart.
@Binance It’s the largest and most troublesome to determine. Audited monetary stories aren’t publicly out there. In accordance with the corporate’s year-end report, complete product quantity in 2025 will likely be $34 trillion, and spot quantity will exceed $7.1 trillion. Forbes estimates that income in 2024 and 2025 will likely be within the vary of $16 billion to $17 billion, for a few 38% share of worldwide spot buying and selling.
@coinbase Audited figures are offered to point out that the buying and selling enterprise is underneath actual stress. Full-year 2025 income rose 9% to $7.2 billion, with a internet lack of $667 million within the fourth quarter alone. Whole income for the primary quarter of 2026 was $1.41 billion, down 31% from the earlier 12 months, with a internet lack of $394.1 million and unrealized losses on cryptocurrencies held for funding of $482.4 million. Adjusted EBITDA was $303 million, the thirteenth consecutive quarter of constructive progress. A single line that stretches out steady coin Revenues had been $305 million, in comparison with $274 million within the prior-year interval. America’s largest trade at the moment depends on the identical T-bill yield as Tether and Circle as a part of Circle’s reserve earnings.
The stress has already begun
Circle’s return on reserves reached 3.5% in Q1 2026, down 66 foundation factors over the 12 months as a result of decrease SOFR. Income declined accordingly, from $770 million in This fall 2025 to $694 million in Q1 2026. $USDC Circulation elevated by 39% throughout the identical interval. Internet revenue decreased by 15%.
Tether tells the identical story with extra zeros. Will probably be greater than $10 billion in 2025, in comparison with greater than $13 billion in 2024, a lower of 23%. It was accomplished within the 12 months we pushed $USDT Report circulation and direct and oblique Treasury publicity reached a document $141 billion.
Each corporations elevated their floats to document highs and took residence much less cash. Everybody else on the leaderboard is combating for buying and selling exercise. The highest two corporations are battling rate of interest cycles.
supply of data
- Defilama earnings – Dwell rating of charges held by protocols and chains over 24-hour, 7-day, and 30-day intervals.
- Defilama value – Whole charges paid by the consumer. What counts as income is outlined per protocol.
- tether – This fall 2025 Certification Announcement for 2025 Earnings, Extra Reserves, and Treasury Exposures.
- Tether Q2 2025 Certificates – Earnings for the primary half of 2025 will likely be cut up between present reserve earnings and gold and Bitcoin earnings.
- Circle Q1 2026 Outcomes – Reserve earnings, distribution prices, internet earnings, and return on reserves for the present quarter.
- Circle 2025 outcomes – Full 12 months income, internet loss, $USDC Variety of copies revealed.
- Coinbase Type 10-Q – 2026 Q1 income breakdown filed with SEC.
- Coinbase This fall 2025 Shareholder Letter – Full 12 months 2025 income and fourth quarter internet loss.
- Binance 2025 Yr-Finish Report – Self-reported buying and selling quantity, consumer and market share metrics.
