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Tether and Circle lead DeFi revenue with $169M amid declining DEX trading volumes.

28 Oct 2026, 18:03 WIB
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Tether and Circle lead DeFi revenue with $169M amid declining DEX trading volumes.

Tether and Circle topped DeFiLlama's revenue rankings with a combined $169.34 million over seven days, driven by yields from their stablecoin reserve assets. Despite a decline of 11.3% in decentralized exchange (DEX) spot trading volume, these stablecoin issuers outpaced other crypto platforms like Hyperliquid and Pump by a wide margin. Circle's Q2 reserve income grew 5% year-over-year despite lower reserve yields, while Tether reported $1.5 billion profit in the quarter, supported by U.S. Treasury and repo investments. The dominance of stablecoin issuers highlights the growing importance of reserve-backed revenue in crypto finance amid fluctuating trading activity.

Tether's USDT is priced at Rp18.166 on Pluang, showing a modest 0.52% increase as of Oct 28, 2026 22:22 WIB. The stablecoin holds a significant market cap of Rp3.300,57 trillion with a 24-hour trading volume of Rp919,59 trillion. Buy orders slightly outnumber sell orders at 53% to 47%, and typical investors hold USDT for about 92 days on the platform.

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