Tether tops stablecoin revenue list amid $1.9 bn market cap drop

Revenue data for the top 15 cryptocurrency projects over the past month shows stablecoin issuers dominating the list. Tether recorded the highest revenue at $439.2 million, followed by Tron with $232 million and Circle with $188.3 million. Other notable earners included Hyperliquid, Sky, Polymarket, Ethereum, and Aave.

During the same week, the total market capitalization of the top 15 stablecoins fell by $1.9 billion, a 0.61% decline. Tether’s market cap slipped by $791 million, representing 41% of the overall drop, while USDC fell 1.05% and Sky Dollar declined 2.36%, the sharpest weekly fall among the group. Despite the loss, Tether still accounts for 59.14% of the stablecoin market and, together with USDC, makes up more than 82% of the top‑15 cap. PayPal’s PYUSD was the only token to post a weekly gain, rising 4.25%.