# Tether and Circle Lead Seven-Day Revenue With $169.34 Million By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/42931 Published: 2026-10-28T20:41:20.000Z Updated: 2026-10-28T20:41:20.000Z Section: Investing > Their totals use different reserve-related revenue measures, while spot DEX volume fell 11.3% on a separate weekly reading. Tether and Circle led a seven-day protocol revenue tally with $169.34 million combined in an Oct. 28 snapshot, while spot decentralized exchange (DEX) volume fell 11.3% on a separate weekly measure. Tether accounted for $121.23 million and Circle for $48.11 million, placing the stablecoin issuers first and second, respectively, in the ranking. The figures reflect different revenue streams. Tether's measure tracks returns on assets backing Tether (USDT), including U.S. Treasury bills, repurchase agreements, commercial paper, money market funds and secured loans. Circle's includes returns on assets backing USD Coin (USDC) and fees from its Cross-Chain Transfer Protocol. The calculations are not a measure of either company's net income. The DEX reading is separate, and the figures do not establish that lower trading activity reduced either issuer's revenue. A [seven-day comparison from Oct. 23]() put Tether at $122.87 million and Circle at $48.98 million. Circle's second-quarter reserve income reached $668 million for the quarter ended June 30, up 5% year over year. Average USDC circulation rose 25%, partly offset by a 66-basis-point decline in Circle's reserve return rate. Tether reported about $1.50 billion in second-quarter net operating profit, primarily from U.S. Treasury and repo operations. That figure covers a full quarter and uses a different measure from the seven-day protocol tally. Circle's first-half figures put revenue at about $1.4 billion and USDC distribution partner and transaction costs at about $819 million. Those costs represented about 59 cents per revenue dollar, while net profit was about 7 cents per dollar. The seven-day protocol figures and the companies' quarterly and first-half measures cover different periods and should not be treated as a shared earnings total. ## Links in this article - [seven-day comparison from Oct. 23](https://www.tokenpost.com/news/investing/39690)