According to on-chain data from November 2025, Tether (USDT) retained its position as the highest-earning cryptocurrency project, generating $437.4 million in revenue over the past 30 days, despite a slight 2.1% decline from the previous month. Tron (TRX) followed closely with $227 million in revenue, down 2.2%, while Circle, the issuer of USDC, EUROC, and USYC, recorded $222.5 million, marking a 0.6% increase month-over-month.
The robust performance of stablecoin issuers is fueled by high interest income from reserve assets and sustained global demand for stablecoins, which serve as key gateways for digital payments and cross-border settlements. Tron's revenue highlights its role as the dominant network for USDT transactions, with unparalleled transfer volume.
Ethereum (ETH) experienced a significant 61.6% surge in revenue to $19.6 million, driven by renewed on-chain activity and higher gas fees. Base, Coinbase's Layer 2 network, saw the fastest growth with a 102.7% increase to $10.3 million, signaling rising traction in DeFi and memecoin trading.
Decentralized platforms reported mixed results: PancakeSwap (CAKE) earned $49.8 million, Aave (AAVE) $13.9 million, and Lido Finance (LDO) $8.3 million, all with minor monthly declines. Newer entrants like Hyperliquid (HYPE) and pump.fun (PUMP) showed volatility, with HYPE up 8% to $104.3 million and PUMP down 36.7% to $28.1 million.
Collectively, Tether, Tron, and Circle generated nearly $900 million in monthly revenue, reaffirming the central role of stablecoins in the digital economy for bridging liquidity, payments, and yield opportunities across markets.
