Tether Leads Protocol Revenue With $118 Million
Tether topped the seven-day protocol revenue ranking, ahead of Circle, Titan Builder, Hyperliquid and Pump.
Updated on Nov. 5, 2026 in Inflation
Tether generated $118 million in protocol revenue over the seven days ending November 4, the highest total in the ranking. Circle placed second with $47.38 million, followed by Titan Builder at $23.73 million.
Why it matters
The ranking shows how revenue is concentrated among a small group of on-chain protocols. It also tracks shifts in the sector's overall earnings over short windows.
The rankings are based on on-chain protocol revenue tracking, with Tether leading at $118 million over seven days and on-chain protocols generating $1.253 billion over the preceding 30 days, up 10.06% week over week. The reason for Titan Builder's sharp single-day increase around October 30 has not been identified.
The players
Tether
Tether is a stablecoin issuer whose tokens are pegged to the U.S. dollar and widely used across crypto markets.
Circle
Circle is a financial technology company that issues the USDC stablecoin and operates payment infrastructure for digital assets.
The details
The figures compare total protocol revenue across the seven-day window ending November 4. Over the prior 24 hours, on-chain protocols generated about $37.28 million.
Timeline
October 30: Titan Builder records a sharp single-day revenue increase.
November 4: Seven-day window closes for the protocol revenue ranking.
Economics Context
This update extends TokenPost's earlier seven-day protocol revenue comparison, offering the newest figures for the same protocols. Tracking such rankings over repeated windows shows whether revenue is broadening or staying concentrated in a few leaders.
For readers who hold or transact in stablecoins, these rankings show which issuers and protocols are generating the most revenue. Changes in protocol earnings can affect fees and returns on platforms that depend on them.
The takeaway
Revenue rankings across short windows reveal which protocols are gaining or losing ground, but single-day spikes can distort the picture. Watching multi-week totals gives a steadier view of where on-chain earnings are concentrated.
Further reading
For broader price-pressure context, see the Inflation section.
Source note: This article includes information reported by TokenPost.
