Tether and Circle Dominate Blockchain Protocol Revenue in September

PANews posted on X (formerly Twitter). In September, only 35 blockchain protocols generated monthly revenues exceeding $2 million. Tether led the list with $477 million, followed by Circle with $191 million. Together, these two stablecoin issuers accounted for nearly 70% of the total revenue. Hyperliquid, a new entrant, ranked third with $48.3 million, marking it as the fastest-growing entity on the list. The combined revenues of DeFi, DEX, and wallet services struggled to match the earnings of stablecoins.